Exhibit 4(bm)


 





 



 


NEXTERA ENERGY, INC.,

as Pledgee


 


__________,

as Collateral Agent, Custodial Agent

and Securities Intermediary,


 


AND


 


THE BANK OF NEW YORK MELLON,

as Purchase Contract Agent


 


PLEDGE AGREEMENT


 


DATED AS OF ________________


 





 



 




     

     

    

 


 


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	RECITALS	 	1
	ARTICLE I.	DEFINITIONS	2
	ARTICLE II.	PLEDGE; CONTROL AND PERFECTION	6
	SECTION 2.1	The Pledge	6
	SECTION 2.2	Control and Perfection	7
	ARTICLE III.	DISTRIBUTIONS ON PLEDGED COLLATERAL	9
	ARTICLE IV.	SUBSTITUTION, RELEASE AND REPLEDGE OF DEBENTURES AND SETTLEMENT OF PURCHASE CONTRACTS	10
	SECTION 4.1	Substitution for Debentures and the Creation of Treasury Units	10
	SECTION 4.2	Substitution for Treasury Securities and the Creation of Corporate Units	12
	SECTION 4.3	Termination Event	13
	SECTION 4.4	Cash Settlement	14
	SECTION 4.5	Early Settlement; Fundamental Change Early Settlement	16
	SECTION 4.6	Application of Proceeds Settlement	17
	ARTICLE V.	VOTING RIGHTS — DEBENTURES	19
	ARTICLE VI.	RIGHTS AND REMEDIES; SPECIAL EVENT REDEMPTION;  MANDATORY REDEMPTION; REMARKETING	19
	SECTION 6.1	Rights and Remedies of the Collateral Agent	19
	SECTION 6.2	Special Event Redemption; Mandatory Redemption; Remarketing	21
	SECTION 6.3	Remarketing During the Period for Early Remarketing	22
	SECTION 6.4	Substitutions	22
	ARTICLE VII.	REPRESENTATIONS AND WARRANTIES; COVENANTS	22
	SECTION 7.1	Representations and Warranties	22
	SECTION 7.2	Covenants	23
	ARTICLE VIII.	THE COLLATERAL AGENT	24
	SECTION 8.1	Appointment, Powers and Immunities	24
	SECTION 8.2	Instructions of the Company	25
	SECTION 8.3	Reliance	25
	SECTION 8.4	Rights in Other Capacities	25
	SECTION 8.5	Non-Reliance	26
	SECTION 8.6	Compensation and Indemnity	26
	SECTION 8.7	Failure to Act	27
	SECTION 8.8	Resignation of Collateral Agent or Custodial Agent	27
	SECTION 8.9	Right to Appoint Agent or Advisor	28
	SECTION 8.10	Survival	28
	SECTION 8.11	Exculpation	28
	ARTICLE IX.	AMENDMENT	28
	SECTION 9.1	Amendment Without Consent of Holders	28
	SECTION 9.2	Amendment With Consent of Holders	29
	SECTION 9.3	Execution of Amendments	30
	SECTION 9.4	Effect of Amendments	30


 




     

     

    

 


	 	 	Page
	 	 	 
	SECTION 9.5	Reference to Amendments	30
	ARTICLE X.	MISCELLANEOUS	31
	SECTION 10.1	No Waiver	31
	SECTION 10.2	Governing Law; Waiver of Jury Trial	31
	SECTION 10.3	Notices	31
	SECTION 10.4	Successors and Assigns	32
	SECTION 10.5	Counterparts	32
	SECTION 10.6	Separability	32
	SECTION 10.7	Expenses, etc.	32
	SECTION 10.8	Security Interest Absolute	33
	SECTION 10.9	USA Patriot Act	33
	SECTION 10.10	Force Majeure	33
	SECTION 10.11	Provisions Incorporated by Reference to the Purchase Contract Agreement	33
	 	 	 
	EXHIBIT A	Instruction From Purchase Contract Agent To Collateral Agent	A-1
	EXHIBIT B	Instruction To Purchase Contract Agent	B-1
	EXHIBIT C	Instruction To Custodial Agent Regarding Remarketing	C-1
	EXHIBIT D	Instruction To Custodial Agent Regarding Withdrawal From Remarketing	D-1


 




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PLEDGE AGREEMENT,
dated as of ________________ (this “Agreement”), between NextEra Energy, Inc., a Florida corporation (the “Company”),
as pledgee, __________, a __________, not individually but solely as collateral agent (in such capacity, together with its successors
in such capacity, the “Collateral Agent”), as custodial agent (in such capacity, together with its successors
in such capacity, the “Custodial Agent”) and as a “securities intermediary” as defined in Section 8-102(a)(14)
of the UCC (as defined herein) (in such capacity, together with its successors in such capacity, the “Securities Intermediary”),
and The Bank of New York Mellon, a New York banking corporation, not individually but solely as purchase contract agent and as
attorney-in-fact for the Holders (as defined in the Purchase Contract Agreement (as hereinafter defined)) of Equity Units (as hereinafter
defined) from time to time (in such capacity, together with its successors in such capacity, the “Purchase Contract Agent”)
under the Purchase Contract Agreement.


 


RECITALS


 


The Company and the
Purchase Contract Agent are parties to the Purchase Contract Agreement, dated as of the date hereof (as modified and supplemented
and in effect from time to time, the “Purchase Contract Agreement”), pursuant to which there may be issued up
to __________ units (referred to as “Equity Units”) of the Company, having a stated amount of $50 (“Stated
Amount”) per Equity Unit.


 


The Equity Units will
initially consist of __________ Corporate Units and 0 Treasury Units. Each Corporate Unit will consist of (a) a stock purchase
contract (as modified and supplemented and in effect from time to time, a “Purchase Contract”) under which (i) the
Holder will purchase from the Company not later than ________________ (“Purchase Contract Settlement Date”),
for $50 in cash, a number of newly-issued shares of common stock, $0.01 par value per share, of the Company (“Common Stock”)1
determined by reference to the applicable Settlement Rate and (ii) the Company will pay certain Contract Adjustment Payments
to the Holders as provided in the Purchase Contract Agreement, and (b) either (A) prior to the Purchase Contract Settlement
Date so long as no Special Event Redemption or Mandatory Redemption has occurred, (i) the Applicable Ownership Interest in
Debentures, such debentures being the Series __ Debentures due ________________ (“Debentures”) issued by
NextEra Energy Capital Holdings, Inc. (“NEE Capital”), or (ii) following a Successful Remarketing during
the Period for Early Remarketing, the Applicable Ownership Interest in the Treasury Portfolio, or (B) upon the occurrence of a
Special Event Redemption or a Mandatory Redemption (if the Purchase Contracts have not been previously or concurrently terminated
in accordance with the Purchase Contract Agreement) prior to the Purchase Contract Settlement Date, the Applicable Ownership Interest
in the Treasury Portfolio.


 


Each Treasury Unit
will consist of (a) a Purchase Contract under which (i) the Holder will purchase from the Company not later than the Purchase
Contract Settlement Date, for $50 in cash, a number of newly-issued shares of Common Stock determined by reference to the applicable
Settlement Rate and (ii) the Company will pay certain Contract Adjustment Payments to the Holders as provided in the Purchase
Contract Agreement, and (b) a 5% undivided beneficial ownership interest in a zero-coupon U.S. Treasury security having a principal
amount at maturity equal to $1,000 and maturing on ________________ (CUSIP No. __________) (“Treasury Security”).


 





 



1
To be revised if preferred stock is to be issued upon settlement of Purchase Contracts.




     

     

    

 


[Pursuant to the terms
of the Purchase Contract Agreement, the Company may issue up to __________ additional Corporate Units and, if the Company issues
such additional Corporate Units, the related Applicable Ownership Interest in Debentures will be pledged hereunder.]


 


Pursuant to the terms
of the Purchase Contract Agreement and the Purchase Contracts, the Holders, from time to time, of the Equity Units have irrevocably
authorized the Purchase Contract Agent, as attorney-in-fact for such Holders, among other things, to execute and deliver this Agreement
on behalf of and in the name of such Holders and to grant the pledge provided hereby of the Applicable Ownership Interest in Debentures,
any Applicable Ownership Interest in the Treasury Portfolio and any Treasury Securities to secure each Holder’s obligations
under the related Purchase Contract, as provided herein and subject to the terms hereof. Upon such pledge, the Debentures underlying
the Applicable Ownership Interest in Debentures will be beneficially owned by the Holders but will be owned of record by the Purchase
Contract Agent subject to the Pledge hereunder, and the Treasury Securities (and the Applicable Ownership Interest in the Treasury
Portfolio) will be beneficially owned by the Holders but will be held in book-entry form by the Securities Intermediary subject
to the Pledge.


 


Accordingly, the Company,
the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Purchase Contract Agent, on its own behalf and as
attorney-in-fact for the Holders of Equity Units from time to time, agree as follows:


 


ARTICLE I.



DEFINITIONS


 


For all purposes of
this Agreement, except as otherwise expressly provided or unless the context otherwise requires (terms not otherwise defined herein
are used herein with the meaning ascribed to them or incorporated by reference in the Purchase Contract Agreement):


 


(a)         the
terms defined in this Article I have the meanings assigned to them in this Article I and
include the plural as well as the singular;


 


(b)        the
words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular Article, Section, other subdivision or Exhibit; and


 


(c)        the
following terms have the meanings given to them in this Article I:


 


“Agreement”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more agreements
supplemental hereto entered into pursuant to the applicable provisions hereof.


 




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“Bankruptcy
Code” means Title 11 of the United States Code, or any other law of the United States that from time to time provides
a uniform system of bankruptcy laws.


 


“Business
Day” means any day other than a Saturday, a Sunday or any other day on which banking institutions and trust companies
in New York City (in the State of New York) are permitted or required by any applicable law, regulation or executive order to close.


 


“Collateral”
means the collective reference to:


 


(a)        the
Collateral Account and all securities, financial assets, cash and other property credited thereto and all Security Entitlements
related thereto from time to time credited to the Collateral Account, including, without limitation, (A) the Applicable Ownership
Interests in Debentures and security entitlements relating thereto (and the Debentures and Security Entitlements relating thereto
delivered to the Collateral Agent in respect of such Applicable Ownership Interests in Debentures), (B) any Applicable Ownership
Interests in the Treasury Portfolio (as specified in clause (i) of the definition of such term) and Security Entitlements
relating thereto, (C) any Treasury Securities and Security Entitlements relating thereto Transferred to the Securities Intermediary
from time to time in connection with the creation of Treasury Units in accordance with Section 3.13 of the Purchase Contract
Agreement and (D) payments made by Holders pursuant to Section 4.4 hereof;


 


(b)        all
Proceeds of any of the foregoing (whether such Proceeds arise before or after the commencement of any proceeding under any applicable
bankruptcy, insolvency or other similar law, by or against the pledgor or with respect to the pledgor); and


 


(c)        all
powers and rights now owned or hereafter acquired under or with respect to the Collateral.


 


“Collateral
Account” means the securities account (number __________) maintained at __________ in the name “The Bank of New
York Mellon, as Purchase Contract Agent on behalf of the Holders of Equity Units subject to the security interest of __________
as Collateral Agent under this Agreement, for the benefit of NextEra Energy, Inc., as pledgee” and any successor account.


 


“Collateral
Agent” has the meaning specified in the first paragraph of this Agreement.


 


“Common Stock”
has the meaning specified in the Recitals.


 


“Company”
means the Person named as the “Company” in the first paragraph of this Agreement until a successor shall have
become such pursuant to the applicable provisions of this Agreement, and thereafter “Company” shall mean such
successor.


 


“Custodial
Agent” has the meaning specified in the first paragraph of this Agreement.


 


“Debentures”
has the meaning specified in the Recitals.


 


“Entitlement
Orders” has the meaning specified in Section 8-102(a)(8) of the UCC.


 




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“Equity Units”
has the meaning specified in the Recitals.


 


“Indenture”
means the Indenture (For Unsecured Debt Securities), dated as of June 1, 1999, between NEE Capital and the Indenture
Trustee, as amended, pursuant to which the Debentures are to be issued, as originally executed and delivered and as it may from
time to time be supplemented or amended by one or more indentures supplemental thereto entered into pursuant to the applicable
provisions thereof and shall include the terms of a particular series of securities established as contemplated by Section 301
thereof.


 


“Indenture
Trustee” means The Bank of New York Mellon, as trustee under the Indenture, or any successor thereto.


 


“NEE Capital”
has the meaning specified in the Recitals.


 


“Permitted
Investments” means any one of the following which shall mature not later than the next succeeding Business Day (i) any
evidence of indebtedness with an original maturity of 365 days or less issued, or directly and fully guaranteed or insured, by
the United States of America or any agency or instrumentality thereof (provided, that the full faith and credit of
the United States of America is pledged in support thereof or such indebtedness constitutes a general obligation of it); (ii) deposits,
certificates of deposit or acceptances with an original maturity of 365 days or less of any institution which is a member of the
Federal Reserve System having combined capital and surplus and undivided profits of not less than $200 million at the time of deposit;
(iii) investments with an original maturity of 365 days or less of any Person that is fully and unconditionally guaranteed
by an institution referred to in clause (ii); (iv) repurchase agreements and reverse repurchase agreements relating
to marketable direct obligations issued or unconditionally guaranteed by the United States of America or issued by any agency thereof
and backed as to timely payment by the full faith and credit of the United States of America; (v) investments in commercial
paper, other than commercial paper issued by the Company or its affiliates, of any corporation incorporated under the laws of the
United States or any State thereof, which commercial paper has a rating at the time of purchase at least equal to “A-1”
by Standard & Poor’s Ratings Services (a Standard & Poor’s Financial Services LLC business) (“S&P”),
or at least equal to “P-1” by Moody’s Investors Service, Inc. (“Moody’s”); and (vi) investments
in money market funds (including, but not limited to, money market funds managed by the Collateral Agent or an affiliate of the
Collateral Agent) registered under the Investment Company Act of 1940, as amended, rated in the highest applicable rating category
by S&P or Moody’s.


 


“Person”
means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint-stock company,
limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof or any
other entity of whatever nature.


 


“Pledge”
has the meaning specified in Section 2.1 hereof.


 


“Pledged Applicable
Ownership Interests in Debentures” means the Applicable Ownership Interests in Debentures and Security Entitlements with
respect thereto from time to time credited to the Collateral Account and not then released from the Pledge.


 




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“Pledged Applicable
Ownership Interests in the Treasury Portfolio” means the Applicable Ownership Interests in the Treasury Portfolio (as
specified in clause (i) of the definition thereof) and Security Entitlements with respect thereto from time to time credited to
the Collateral Account and not then released from the Pledge.


 


“Pledged Securities”
means the Pledged Applicable Ownership Interests in Debentures, the Pledged Applicable Ownership Interests in the Treasury Portfolio
and the Pledged Treasury Securities, collectively.


 


“Pledged Treasury
Securities” means Treasury Securities and Security Entitlements with respect thereto from time to time credited to the
Collateral Account and not then released from the Pledge.


 


“Proceeds”
means all interest, dividends, cash, instruments, securities, financial assets (as defined in Section 8-102(a)(9) of the UCC)
and other property from time to time received, receivable or otherwise distributed upon the sale, exchange, collection or disposition
of the Collateral or any proceeds thereof.


 


“Purchase
Contract” has the meaning specified in the Recitals.


 


“Purchase
Contract Agent” has the meaning specified in the first paragraph of this Agreement.


 


“Purchase
Contract Agreement” has the meaning specified in the Recitals.


 


“Purchase
Contract Settlement Date” has the meaning specified in the Recitals.


 


“Securities
Intermediary” has the meaning specified in the first paragraph of this Agreement.


 


“Security
Entitlement” has the meaning specified in Section 8-102(a)(17) of the UCC.


 


“Separate
Debentures” means any Debentures that have been released from the Pledge following Collateral Substitution and therefore
no longer underlie Corporate Units.


 


“Separate
Debentures Purchase Price” has the meaning specified in the Officer’s Certificate.


 


“Stated Amount”
has the meaning specified in the Recitals.


 


“TRADES”
means the Treasury/Reserve Automated Debt Entry System maintained by the Federal Reserve Bank of New York pursuant to the TRADES
Regulations.


 


“TRADES Regulations”
means the regulations of the United States Department of the Treasury, published at 31 C.F.R. Part 357, as amended from time to
time, governing book-entry U.S. Treasury securities held in TRADES. Unless otherwise defined herein, all terms defined in the TRADES
Regulations are used herein as therein defined.


 




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“Transfer”
means, with respect to the Collateral and in accordance with the instructions of the Collateral Agent, the Purchase Contract Agent
or the Holder, as applicable:


 


(d)       except
as otherwise provided in Section 2.1 hereof, in the case of Collateral consisting of securities which cannot
be delivered by book-entry or which the parties agree are to be delivered in physical form, delivery in physical form to the recipient
accompanied by any duly executed instruments of transfer, assignments in blank, transfer tax stamps and any other documents necessary
to constitute a legally valid transfer to the recipient; and


 


(e)       in
the case of Collateral consisting of securities maintained in book-entry form, causing a “securities intermediary”
(as defined in Section 8-102(a)(14) of the UCC) to (i) credit a Security Entitlement with respect to such securities
to a “securities account” (as defined in Section 8-501(a) of the UCC) maintained by or on behalf of the
recipient and (ii) to issue a confirmation to the recipient with respect to such credit. In the case of Collateral to be delivered
to the Collateral Agent, the securities intermediary shall be the Securities Intermediary and the securities account shall be the
Collateral Account.


 


“Treasury
Security” has the meaning specified in the Recitals.


 


“UCC”
has the meaning specified in Section 6.1 hereof.


 


“Value”
with respect to any item of Collateral on any date means, as to (i) cash, the amount thereof, (ii) Treasury Securities
or Applicable Ownership Interest in Debentures, the aggregate principal amount thereof at maturity and (iii) Applicable Ownership
Interests in the Treasury Portfolio (as specified in clause (i) of the definition thereof), the aggregate percentage of the aggregate
principal amount at maturity.


 


ARTICLE II.



PLEDGE; CONTROL AND PERFECTION


 


SECTION
2.1   The Pledge


 


The Holders from
time to time acting through the Purchase Contract Agent, as their attorney-in-fact, and the Purchase Contract Agent, as such
attorney-in-fact, hereby pledge and grant to the Collateral Agent, for the benefit of the Company, as collateral security for
the performance when due by such Holders of their respective obligations under the related Purchase Contracts, a security
interest in all of the right, title and interest of such Holders and the Purchase Contract Agent in the Collateral. Prior to
or concurrently with the execution and delivery of this Agreement, the Purchase Contract Agent, on behalf of the initial
Holders of the Equity Units, shall cause the Debentures underlying the Pledged Applicable Ownership Interests in Debentures
that are a component of the Corporate Units, to be Transferred to the Collateral Agent for the benefit of the Company. Such
Debentures shall be Transferred by physically delivering such Debentures to the Collateral Agent endorsed in blank. From time
to time, the Treasury Securities and the Treasury Portfolio, as applicable, shall be Transferred to the Collateral Account
maintained by the Collateral Agent as the Securities Intermediary by book-entry transfer to the Collateral Account in
accordance with the TRADES Regulations and other applicable law and by the notation by the Securities Intermediary on its
books that a Security Entitlement with respect to such Treasury Securities or Treasury Portfolio, has been credited to the
Collateral Account. For purposes of perfecting the Pledge under applicable law, including, to the extent applicable, the
TRADES Regulations or the Uniform Commercial Code as adopted and in effect in any applicable jurisdiction, the Collateral
Agent shall be the agent of the Company as provided herein. The pledge provided in this Section 2.1 is
herein referred to as the “Pledge.” Subject to the Pledge and the provisions of Section 2.2
hereof, the Holders from time to time shall have full beneficial ownership of the Collateral. The Collateral Agent shall have
the right to have the Debentures held in physical form reregistered in its name or in the name of its agent or the Securities
Intermediary and credited to the Collateral Account.


 




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Except as may be required
in order to release Pledged Applicable Ownership Interest in Debentures (or if (i) a Special Event Redemption if the Purchase
Contracts have not been previously or concurrently terminated in accordance with the Purchase Contract Agreement, (ii) a Mandatory
Redemption if the Purchase Contracts have not been previously or concurrently terminated in accordance with the Purchase Contract
Agreement or (iii) a Successful Remarketing has occurred, a Pledged Applicable Ownership Interest in the Treasury Portfolio)
or Pledged Treasury Securities in connection with a Holder’s election to convert its investment from Corporate Units to Treasury
Units, or from Treasury Units to Corporate Units, as the case may be, or except as otherwise required to release Pledged Securities
as specified herein, neither the Collateral Agent nor the Securities Intermediary shall relinquish physical possession of any certificate
evidencing Debentures (or if (i) a Special Event Redemption if the Purchase Contracts have not been previously or concurrently
terminated in accordance with the Purchase Contract Agreement, (ii) Mandatory Redemption if the Purchase Contracts have not
been previously or concurrently terminated in accordance with the Purchase Contract Agreement or (iii) a Successful Remarketing
has occurred, the Applicable Ownership Interest in the Treasury Portfolio) or Treasury Securities prior to the termination of this
Agreement. If it becomes necessary for the Collateral Agent to relinquish physical possession of a certificate in order to release
a portion of the Debentures evidenced thereby from the Pledge, the Collateral Agent shall use its best efforts to obtain physical
possession of a replacement certificate evidencing any Debentures remaining subject to the Pledge hereunder registered to it or
endorsed in blank within ten days of the date it relinquished possession. The Collateral Agent shall promptly notify the Company
of its failure to obtain possession of any such replacement certificate as required hereby.


 


SECTION
2.2   Control and Perfection


 


(a)        In
connection with the Pledge granted in Section 2.1, and subject to the other provisions of this Agreement, the
Holders from time to time acting through the Purchase Contract Agent, as their attorney-in-fact, hereby authorize and direct the
Securities Intermediary (without the necessity of obtaining the further consent of the Purchase Contract Agent or any of the Holders),
and the Securities Intermediary agrees, to comply with and follow any instructions and Entitlement Orders that the Collateral Agent
on behalf of the Company may give in writing with respect to the Collateral Account, the Collateral credited thereto and any Security
Entitlements with respect to any thereof. Such instructions and Entitlement Orders may, without limitation, direct the Securities
Intermediary to transfer, redeem, sell, liquidate, assign, deliver or otherwise dispose of any Debentures, any Treasury Securities,
any Treasury Portfolio and any Security Entitlements with respect thereto and to pay and deliver any income, proceeds or other
funds derived therefrom to the Company. The Purchase Contract Agent and the Holders from time to time, acting through the Purchase
Contract Agent, each hereby further authorize and direct the Collateral Agent, as agent of the Company, to itself issue instructions
and Entitlement Orders, and to otherwise take action, with respect to the Collateral Account, the Collateral credited thereto and
any Security Entitlements with respect thereto, pursuant to the terms and provisions hereof, all without the necessity of obtaining
the further consent of the Purchase Contract Agent or any of the Holders. The Collateral Agent shall be the agent of the Company
and shall act as directed in writing by the Company. Without limiting the generality of the foregoing, the Collateral Agent shall
issue Entitlement Orders to the Securities Intermediary when and as required by the terms hereof or as directed by the Company.


 




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(b)        The
Securities Intermediary hereby confirms and agrees that: (i) all securities or other property underlying any financial assets
credited to the Collateral Account shall be registered in the name of the Securities Intermediary, endorsed to the Securities Intermediary
or in blank or credited to another collateral account maintained in the name of the Securities Intermediary and in no case will
any financial asset credited to the Collateral Account be registered in the name of the Purchase Contract Agent, the Company or
any Holder, payable to the order of, or specially endorsed to, the Purchase Contract Agent, the Collateral Agent, the Company or
any Holder except to the extent the foregoing have been specially endorsed to the Securities Intermediary or in blank; (ii) all
property delivered to the Securities Intermediary pursuant to this Agreement (including, without limitation, any Pledged Securities)
will be promptly credited to the Collateral Account; (iii) the Collateral Account is an account to which financial assets
are or may be credited, and the Securities Intermediary shall, subject to the terms of this Agreement, treat the Purchase Contract
Agent as the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC) with respect to the Collateral
Account; (iv) the Securities Intermediary has not entered into, and until the termination of this Agreement will not enter
into, any agreement with any other Person relating to the Collateral Account and/or any financial assets credited thereto pursuant
to which it has agreed to comply with Entitlement Orders of such other Person; and (v) the Securities Intermediary has not
entered into, and until the termination of this Agreement will not enter into, any agreement with the Company, the Collateral Agent,
the Purchase Contract Agent or the Holders of the Equity Units purporting to limit or condition the obligation of the Securities
Intermediary to comply with Entitlement Orders as set forth in this Section 2.2 hereof.


 


(c)        The
Securities Intermediary hereby agrees that each item of property (whether investment property, financial asset, security, instrument
or cash) credited to the Collateral Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9)
of the UCC.


 


(d)        In
the event of any conflict between this Agreement (or any portion hereof) and any other agreement now existing or hereafter entered
into by the parties hereto, the terms of this Agreement shall prevail.


 


(e)        The
Purchase Contract Agent hereby irrevocably constitutes and appoints the Collateral Agent and the Company, and each of them severally,
with full power of substitution, as the Purchase Contract Agent’s attorney-in-fact to take on behalf of, and in the name,
place and stead of the Purchase Contract Agent and the Holders, any action necessary or desirable to perfect and to keep perfected
the security interest in the Collateral referred to in Section 2.1. The grant of such power-of-attorney shall
not be deemed to require of the Collateral Agent any specific duties or obligations not otherwise assumed by the Collateral Agent
hereunder.


 




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ARTICLE III.



DISTRIBUTIONS ON PLEDGED COLLATERAL


 


So long as the Purchase
Contract Agent is the registered owner of the Debentures underlying the Pledged Applicable Ownership Interests in Debentures, it
shall receive all payments thereon. If the Debentures underlying the Pledged Applicable Ownership Interests in Debentures are reregistered,
such that the Collateral Agent becomes the registered Holder, all payments of principal or interest on such Debentures, together
with any payments of principal or interest or cash distributions in respect of any other Pledged Securities received by the Collateral
Agent that are properly payable hereunder, shall be paid by the Collateral Agent by wire transfer in same day funds:


 


(i)       In
the case of (A) payment of interest with respect to the Pledged Applicable Ownership Interests in Debentures or cash distributions
on the Pledged Applicable Ownership Interests in the Treasury Portfolio (as specified in clause (ii) of the definition of the term
“Applicable Ownership Interest in the Treasury Portfolio”), as the case may be, and (B) any payments of principal
with respect to any Applicable Ownership Interest in Debentures or the Applicable Ownership Interest in the Treasury Portfolio
(as specified in clause (i) of the definition of such term), as the case may be, that have been released from the Pledge pursuant
to Section 4.3 hereof, to the Purchase Contract Agent, for the benefit of the relevant Holders of Corporate
Units, to the account designated by the Purchase Contract Agent for such purpose, no later than 2:00 p.m., New York City time,
on the Business Day such payment is received by the Collateral Agent (provided, that in the event such payment is
received by the Collateral Agent on a day that is not a Business Day or after 12:30 p.m., New York City time, on a Business Day,
then such payment shall be made no later than 10:30 a.m., New York City time, on the next succeeding Business Day);


 


(ii)       In
the case of any principal payments with respect to any Treasury Securities that have been released from the Pledge pursuant to
Section 4.3 hereof, to the Holders of the Treasury Units to the accounts designated by them to the Collateral
Agent in writing for such purpose, no later than 2:00 p.m., New York City time, on the Business Day such payment is received by
the Collateral Agent (provided, that in the event such payment is received by the Collateral Agent on a day that
is not a Business Day or after 12:30 p.m., New York City time, on a Business Day, then such payment shall be made no later than
10:30 a.m., New York City time, on the next succeeding Business Day); and


 


(iii)       In
the case of payments of the principal of any Pledged Applicable Ownership Interests in Debentures or the principal of the Pledged
Applicable Ownership Interests in the Treasury Portfolio (as specified in clause (i) of the definition of the term “Applicable
Ownership Interest in the Treasury Portfolio”), as the case may be, or the principal of any Pledged Treasury Securities,
to the Company on the Purchase Contract Settlement Date in accordance with the procedure set forth in Section 4.6(a)
or Section 4.6(b) hereof, in full satisfaction of the respective obligations of the Holders under the related
Purchase Contracts.


 




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All payments received
by the Purchase Contract Agent as provided herein shall be applied by the Purchase Contract Agent pursuant to the provisions of
the Purchase Contract Agreement. If, notwithstanding the foregoing, the Purchase Contract Agent or a Holder of Corporate Units
shall receive any payments of principal on account of any Applicable Ownership Interest in Debentures or, if applicable, the Applicable
Ownership Interest in the Treasury Portfolio (as specified in clause (i) of the definition of such term) that, at the time of such
payment, is a Pledged Applicable Ownership Interest in Debentures or the Pledged Applicable Ownership Interests in the Treasury
Portfolio, as the case may be, or the Purchase Contract Agent or a Holder of Treasury Units shall receive any payments of principal
on account of any Treasury Securities that, at the time of such payment, are Pledged Treasury Securities, the Purchase Contract
Agent or such Holder, as the case may be, shall transfer the Proceeds of such payment of principal on such Pledged Applicable Ownership
Interests in Debentures, Pledged Applicable Ownership Interests in the Treasury Portfolio, or Pledged Treasury Securities, as the
case may be, to the Collateral Agent and the Collateral Agent shall hold such Proceeds for the benefit of the Company as Collateral
for the performance when due by such Holder of its obligations under the related Purchase Contracts.


 


ARTICLE IV.



SUBSTITUTION, RELEASE AND REPLEDGE OF DEBENTURES AND

 SETTLEMENT OF PURCHASE CONTRACTS


 


SECTION
4.1   Substitution for Debentures and the Creation of Treasury Units


 


A Holder of a Corporate
Unit may create or recreate a Treasury Unit and separate the Applicable Ownership Interest in Debentures or the Applicable Ownership
Interest in the Treasury Portfolio, as applicable, from the related Purchase Contract in respect of such Corporate Unit by substituting
Treasury Securities for all, but not less than all, of the Applicable Ownership Interest in Debentures or Applicable Ownership
Interest in the Treasury Portfolio that form a part of such Corporate Unit in accordance with this Section 4.1
and Section 3.13 of the Purchase Contract Agreement; provided, however, that if the Applicable Ownership
Interest in the Treasury Portfolio has not replaced the Applicable Ownership Interest in Debentures as a component of Corporate
Units as a result of a Successful Remarketing or a Special Event Redemption or a Mandatory Redemption, such Collateral Substitutions
may only be made on or prior to 5:00 p.m., New York City time, on the seventh Business Day immediately preceding the Purchase Contract
Settlement Date; and provided, further, that if the Treasury Portfolio has replaced the Debentures
underlying the Applicable Ownership Interest in Debentures as a component of Corporate Units as a result of a Successful Remarketing
or a Special Event Redemption or a Mandatory Redemption, such Collateral Substitutions may only be made on or prior to the second
Business Day immediately preceding the Purchase Contract Settlement Date. In accordance with Section 3.13 of the Purchase
Contract Agreement, unless a Successful Remarketing or a Special Event Redemption or a Mandatory Redemption has previously occurred,
Holders of Corporate Units shall not be permitted to effect Collateral Substitutions during the period commencing on and including
the Business Day prior to the first of the three sequential Remarketing Dates in a Three-Day Remarketing Period and ending on and
including the Reset Effective Date relating to a Successful Remarketing during such Three-Day Remarketing Period or, if none of
the remarketings during such Three-Day Remarketing Period is successful, the Business Day following the last of the three sequential
Remarketing Dates occurring during such Three-Day Remarketing Period. Holders of Corporate Units may make Collateral Substitutions
and establish Treasury Units (i) only in integral multiples of 20 Corporate Units if Applicable Ownership Interests in
Debentures are being substituted for Treasury Securities, or (ii) only in integral multiples of _____ Corporate Units (or
such other number of Corporate Units as may be determined by the Remarketing Agents following a Successful Remarketing if the Reset
Effective Date is not a Payment Date) if the Applicable Ownership Interests in the Treasury Portfolio are being substituted for
Treasury Securities.


 




    	 	10	 



     

    

 


For example, to create
20 Treasury Units (if a Special Event Redemption or a Mandatory Redemption has not occurred and the Applicable Ownership Interests
in Debentures remain components of Corporate Units), or _____ Treasury Units (if a Special Event Redemption or a Mandatory Redemption
has occurred or the Treasury Portfolio has replaced the Applicable Ownership Interests in Debentures as components of Corporate
Units as a result of a Successful Remarketing) (or such other number of Treasury Units as may be determined by the Remarketing
Agents following a Successful Remarketing if the Reset Effective Date is not a Payment Date), the Corporate Unit Holder shall,


 


(a)        if
the Treasury Portfolio has not replaced the Applicable Ownership Interest in Debentures as a component of Corporate Units as a
result of a Successful Remarketing or a Special Event Redemption or a Mandatory Redemption, on or prior to the seventh Business
Day immediately preceding the Purchase Contract Settlement Date, deposit with the Collateral Agent a Treasury Security having a
principal amount at maturity of $1,000; or


 


(b)        if
the Treasury Portfolio has replaced the Applicable Ownership Interest in Debentures as a component of Corporate Units as a result
of a Successful Remarketing or a Special Event Redemption or a Mandatory Redemption, on or prior to the second Business Day immediately
preceding the Purchase Contract Settlement Date, deposit with the Collateral Agent Treasury Securities having an aggregate principal
amount at maturity of $________; and


 


(c)        in
each case, transfer and surrender the related 20 Corporate Units, or in the event the Treasury Portfolio is a component of Corporate
Units, _____ Corporate Units (or such other number of Corporate Units as may be determined by the Remarketing Agents following
a Successful Remarketing if the Reset Effective Date is not a Payment Date), to the Purchase Contract Agent accompanied by an instruction
to the Purchase Contract Agent, substantially in the form of Exhibit B hereto, stating that the Holder has transferred
the relevant amount of Treasury Securities to the Collateral Agent and requesting that the Purchase Contract Agent instruct the
Collateral Agent to release the Applicable Ownership Interest in Debentures or the Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, underlying such Corporate Units, whereupon the Purchase Contract Agent shall promptly give such
instruction to the Collateral Agent, substantially in the form of Exhibit A hereto.


 




    	 	11	 



     

    

 


Upon receipt of the
Treasury Securities described in clause (a) or (b) above and the instructions described in clause (c)
above from the Purchase Contract Agent, the Collateral Agent shall release the Pledged Applicable Ownership Interests in Debentures
or the Pledged Applicable Ownership Interests in the Treasury Portfolio, as the case may be, and shall promptly Transfer such Pledged
Applicable Ownership Interests in Debentures or the Pledged Applicable Ownership Interests in the Treasury Portfolio, as the case
may be, free and clear of the lien, pledge or security interest created hereby, to the Purchase Contract Agent for the benefit
of the Holders.


 


SECTION
4.2   Substitution for Treasury Securities and the Creation of Corporate Units


 


A Holder of a Treasury
Unit may create or recreate a Corporate Unit by depositing with the Collateral Agent the Applicable Ownership Interest in Debentures
or the Applicable Ownership Interest in the Treasury Portfolio, as the case may be, in substitution for all, but not less than
all, of the Treasury Securities that are a component of the Treasury Unit in accordance with this Section 4.2 and Section
3.14 of the Purchase Contract Agreement; provided, however, that if the Applicable Ownership Interest
in the Treasury Portfolio has not replaced the Applicable Ownership Interest in Debentures as a component of Corporate Units as
a result of a Successful Remarketing or a Special Event Redemption or a Mandatory Redemption, such Collateral Substitutions may
only be made on or prior to 5:00 p.m., New York City time, on the second Business Day immediately preceding the first day of the
Final Three-Day Remarketing Period; and if the Treasury Portfolio has replaced the Debentures underlying the Applicable Ownership
Interest in Debentures as a component of Corporate Units as a result of a Successful Remarketing or a Special Event Redemption
or a Mandatory Redemption, such Collateral Substitutions may only be made on or prior to the second Business Day immediately preceding
the Purchase Contract Settlement Date. In accordance with Section 3.14 of the Purchase Contract Agreement, unless a Successful
Remarketing or a Special Event Redemption or a Mandatory Redemption has previously occurred, Holders of Treasury Units shall not
be permitted to effect Collateral Substitutions during the period commencing on and including the Business Day prior to the first
of the three sequential Remarketing Dates in a Three-Day Remarketing Period and ending on and including the Reset Effective Date
relating to a Successful Remarketing during such Three-Day Remarketing Period or, if none of the Remarketings during such Three-Day
Remarketing Period is successful, the Business Day following the last of the three sequential Remarketing Dates occurring during
such Three-Day Remarketing Period. Holders of Treasury Units may make such Collateral Substitutions and establish Corporate Units
(i) only in integral multiples of 20 Treasury Units if Treasury Securities are being replaced by Applicable Ownership Interest
in Debentures, or (ii) only in integral multiples of _____ Treasury Units (or such other number of Treasury Units as may be
determined by the Remarketing Agents following a Successful Remarketing if the Reset Effective Date is not a Payment Date) if any
Treasury Security is being replaced by the Applicable Ownership Interest in the Treasury Portfolio.


 


For example, to create
20 Corporate Units (if a Special Event Redemption or a Mandatory Redemption has not occurred and the Applicable Ownership Interests
in Debentures remain components of Corporate Units), or _____ Corporate Units (if a Special Event Redemption or a Mandatory Redemption
has occurred or the Treasury Portfolio has replaced the Applicable Ownership Interests in Debentures as components of Corporate
Units as a result of a Successful Remarketing) (or such other number of Corporate Units as may be determined by the Remarketing
Agents following a Successful Remarketing if the Reset Effective Date is not a Payment Date), the Treasury Unit Holder shall


 




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(a)        if
the Treasury Portfolio has not replaced the Applicable Ownership Interest in Debentures as a component of Corporate Units as a
result of a Successful Remarketing or a Special Event Redemption or a Mandatory Redemption, on or prior to the second Business
Day immediately preceding the first day of the Final Three-Day Remarketing Period, deposit with the Collateral Agent $1,000 in
aggregate principal amount of Debentures, which Debentures must have been purchased in the open market at the expense of the Holder
of the Treasury Unit, unless otherwise owned by the Holder of the Treasury Unit; or


 


(b)        if
the Treasury Portfolio has replaced the Applicable Ownership Interest in Debentures as a component of Corporate Units as a result
of a Successful Remarketing or a Special Event Redemption or a Mandatory Redemption, on or prior to the second Business Day immediately
preceding the Purchase Contract Settlement Date, deposit with the Collateral Agent the Applicable Ownership Interest in the Treasury
Portfolio for each _____ Corporate Units being created by the Holder, and having an aggregate principal amount of $________, which
Applicable Ownership Interest in the Treasury Portfolio must have been purchased in the open market at the expense of the Holder
of Treasury Unit, unless otherwise owned by the Holder of Treasury Unit; and


 


(c)        in
each case, transfer and surrender the related 20 Treasury Units, or in the event the Treasury Portfolio is a component of Corporate
Units, _____ Treasury Units (or such other number of Treasury Units as may be determined by the Remarketing Agents following a
Successful Remarketing if the Reset Effective Date is not a Payment Date), to the Purchase Contract Agent accompanied by an instruction
to the Purchase Contract Agent, substantially in the form of Exhibit B hereto, stating that the Holder has transferred
the relevant amount of Applicable Ownership Interest in Debentures or the Applicable Ownership Interest in the Treasury Portfolio,
as the case may be, to the Collateral Agent and requesting that the Purchase Contract Agent instruct the Collateral Agent to release
the Pledged Treasury Securities underlying such Treasury Units, whereupon the Purchase Contract Agent shall promptly give such
instruction to the Collateral Agent, substantially in the form of Exhibit A hereto.


 


Upon receipt of the
Debenture or the Applicable Ownership Interest in the Treasury Portfolio, as the case may be, described in clause (a) or
(b) above and the instructions described in clause (c) above from the Purchase Contract Agent, the Collateral
Agent shall release the Pledged Treasury Securities and shall promptly Transfer such Pledged Treasury Securities, free and clear
of the lien, pledge or security interest created hereby, to the Purchase Contract Agent for the benefit of the Holders.


 


SECTION
4.3   Termination Event


 


Upon receipt by the
Collateral Agent of written notice from the Company or the Purchase Contract Agent that there has occurred a Termination Event,
the Collateral Agent shall release all Collateral from the Pledge and shall promptly Transfer any Debentures underlying Pledged
Applicable Ownership Interests in Debentures (or, if (i) a Special Event Redemption if the proceeds thereof were used to acquire
the Treasury Portfolio in accordance with the Purchase Contract Agreement, (ii) a Mandatory Redemption if the proceeds thereof
were used to acquire the Treasury Portfolio in accordance with the Purchase Contract Agreement or (iii) a Successful Remarketing,
as the case may be, has occurred, the Pledged Applicable Ownership Interests in the Treasury Portfolio) and Pledged Treasury Securities
to the Purchase Contract Agent for the benefit of the Holders of the Corporate Units and the Treasury Units, respectively, free
and clear of any lien, pledge or security interest or other interest created hereby.


 




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If such Termination
Event shall result from the Company’s becoming a debtor under the Bankruptcy Code, and if the Collateral Agent shall for
any reason fail promptly to effectuate the release and Transfer of all Pledged Applicable Ownership Interests in Debentures, the
Pledged Applicable Ownership Interests in the Treasury Portfolio or the Pledged Treasury Securities, as the case may be, as provided
by this Section 4.3, any Holder may, and the Purchase Contract Agent shall, upon receipt from the Holders of
security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by the Purchase Contract
Agent in compliance with this paragraph, (i) use its reasonable best efforts to obtain an opinion of a nationally recognized
law firm reasonably acceptable to the Collateral Agent to the effect that, as a result of the Company being the debtor in such
a bankruptcy case, the Collateral Agent will not be prohibited from releasing or Transferring the Collateral as provided in this
Section 4.3, and shall deliver such opinion to the Collateral Agent within ten days after the occurrence of
such Termination Event, and if (A) any such Holder or the Purchase Contract Agent shall be unable to obtain such opinion within
ten days after the occurrence of such Termination Event or (B) the Collateral Agent shall continue, after delivery of such opinion,
to refuse to effectuate the release and Transfer of all Pledged Applicable Ownership Interests in Debentures, the Pledged Applicable
Ownership Interests in the Treasury Portfolio or the Pledged Treasury Securities, as the case may be, as provided in this Section 4.3,
then any Holder may, and the Purchase Contract Agent shall within 15 days after the occurrence of such Termination Event, commence
an action or proceeding in the court with jurisdiction of the Company’s case under the Bankruptcy Code seeking an order requiring
the Collateral Agent to effectuate the release and transfer of all Pledged Applicable Ownership Interests in Debentures, the Pledged
Applicable Ownership Interests in the Treasury Portfolio or of the Pledged Treasury Securities, as the case may be, as provided
by this Section 4.3 or (ii) commence an action or proceeding in the court with jurisdiction of the Company’s
case under the Bankruptcy Code like that described in clause (i)(B) of this Section 4.3 within
ten days after the occurrence of such Termination Event.


 


SECTION
4.4   Cash Settlement


 


(a)        Upon
receipt by the Collateral Agent of (1) (i) a notice from the Purchase Contract Agent that a Holder of a Corporate Unit has
elected, in accordance with the procedures specified in Section 5.4(a)(i) of the Purchase Contract Agreement, to settle
its Purchase Contract with cash and (ii) payment by such Holder of the amount required to settle the Purchase Contract prior
to 11:00 a.m., New York City time, on the sixth Business Day or (if all the Remarketings during the Final Three-Day Remarketing
Period result in a Failed Remarketing) one Business Day, as applicable, immediately preceding the Purchase Contract Settlement
Date, or (2) (i) a notice from the Purchase Contract Agent that a Holder of a Treasury Unit has elected, in accordance with the
procedures specified in Section 5.4(c)(i) of the Purchase Contract Agreement, to settle its Purchase Contract with cash
and (ii) payment by such Holder of the amount required to settle the Purchase Contract prior to 11:00 a.m., New York
City time, on the Business Day immediately preceding the Purchase Contract Settlement Date, such payments pursuant to the foregoing
clause (1) or clause (2) to be in lawful money of the United States and to be made by certified or cashiers’ check or wire
transfer in immediately available funds payable to or upon the order of the Company, then the Collateral Agent shall, upon written
direction of the Company, promptly invest any cash received from a Holder in connection with a Cash Settlement in Permitted Investments.
Upon receipt of the proceeds, if any, upon the maturity of the Permitted Investments, the Collateral Agent shall pay the portion
of such proceeds and deliver any certified or cashiers’ checks received, in an aggregate amount equal to the Purchase Price,
to the Company on the Purchase Contract Settlement Date, and shall distribute any funds in respect of the interest earned from
the Permitted Investments, if any, to the Purchase Contract Agent for payment to the relevant Holder.


 




    	 	14	 



     

    

 


(b)        If
a Holder of Corporate Units (if Applicable Ownership Interests in Debentures are components thereof) fails to notify the Purchase
Contract Agent of its intention to effect a Cash Settlement in accordance with Section 5.4(a)(i) of the Purchase Contract
Agreement, or if a Holder of such Corporate Units does notify the Purchase Contract Agent as provided in Section 5.4(a)(i) of
the Purchase Contract Agreement of its intention to effect a Cash Settlement, but fails to make such payment as required by Section 5.4(a)(ii) of
the Purchase Contract Agreement, such Holder shall be deemed to have consented to the disposition of the Debentures underlying
the Pledged Applicable Ownership Interests in Debentures pursuant to the Remarketing as described in Section 5.4(a) of the
Purchase Contract Agreement, which is incorporated herein by reference, and Section 4.6 hereof.


 


If all the Remarketings
during the Final Three-Day Remarketing Period result in a Failed Remarketing as described in Section 5.4(a) of the Purchase
Contract Agreement, each Holder of Corporate Units of which Applicable Ownership Interests in Debentures are components (as to
which the related Purchase Contracts have not been settled with cash) shall be deemed to have exercised its Put Right, as described
in the Officer’s Certificate, with respect to its Applicable Ownership Interests in Debentures, and to have elected that
a portion of the Put Price equal to the principal amount of the relevant Debentures underlying such Applicable Ownership Interests
in Debentures be applied against such Corporate Unit Holder’s obligations to pay the Purchase Price for the Common Stock
issued in accordance with each related Purchase Contract on the Purchase Contract Settlement Date.  Following such application,
such Holder’s obligations to pay the Purchase Price for the Common Stock will be deemed to be satisfied in full, and upon
receipt of written confirmation from the Company that a portion of the Put Price in the amount specified in such notice has been
so applied to pay the Purchase Price for the Common Stock, the Collateral Agent shall cause the Securities Intermediary to release
the Debentures underlying all such Pledged Applicable Ownership Interests in Debentures from the Collateral Account and shall promptly
transfer such Debentures to the Company.  Thereafter, the Collateral Agent shall promptly remit the remaining portion of the
Proceeds of such Holder’s exercise of its Put Right in excess of the aggregate Purchase Price for Common Stock to be issued
in accordance with each related Purchase Contract, if any, to the Purchase Contract Agent for payment to such Holder of the Corporate
Units to which such Applicable Ownership Interests in Debentures relate.


 




    	 	15	 



     

    

 


(c)        If
a Holder of Treasury Units or Corporate Units (if the Applicable Ownership Interests in the Treasury Portfolio has replaced the
Applicable Ownership Interests in Debentures as a component of the Corporate Units) fails to notify the Purchase Contract Agent
of its intention to effect a Cash Settlement in accordance with Section 5.4(c)(i) of the Purchase Contract Agreement,
or if a Holder of Treasury Units or Corporate Units (if the Applicable Ownership Interest in the Treasury Portfolio has replaced
the Applicable Ownership Interest in Debentures as a component of the Corporate Units) notifies the Purchase Contract Agent as
provided in Section 5.4(c)(i) of the Purchase Contract Agreement of its intention to effect a Cash Settlement, but fails
to make such payment as required by Section 5.4(c)(ii) of the Purchase Contract Agreement, upon the maturity of the related
Pledged Treasury Securities or the Pledged Applicable Ownership Interests in the Treasury Portfolio, if any, held by the Collateral
Agent on the Business Day immediately preceding the Purchase Contract Settlement Date, the principal amount of such Pledged Treasury
Securities, or the portion of the Pledged Applicable Ownership Interests in the Treasury Portfolio, as the case may be, corresponding
to such Purchase Contracts received by the Collateral Agent shall, upon written direction of the Company, be invested promptly
in Permitted Investments. On the Purchase Contract Settlement Date, an aggregate amount equal to the Purchase Price will be remitted
to the Company as payment of the Purchase Price of such Purchase Contracts. In the event the sum of the Proceeds from the Pledged
Treasury Securities or the Pledged Applicable Ownership Interests in the Treasury Portfolio, as the case may be, and the investment
earnings earned from the Permitted Investments, if any, is in excess of the aggregate Purchase Price of the Purchase Contracts
being settled thereby, the Collateral Agent will distribute such excess to the Purchase Contract Agent for the benefit of the Holder
of the related Treasury Units or Corporate Units.


 


SECTION
4.5   Early Settlement; Fundamental Change Early Settlement


 


Upon written notice
to the Collateral Agent by the Purchase Contract Agent that a Holder of an Equity Unit has elected to effect Early Settlement or
Fundamental Change Early Settlement of its entire obligation under the Purchase Contract forming a part of such Equity Unit in
accordance with the terms of the Purchase Contract and the Purchase Contract Agreement, and that the Purchase Contract Agent has
received from such Holder, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amount
or Fundamental Change Early Settlement Amount, as the case may be, pursuant to the terms of the Purchase Contract and the Purchase
Contract Agreement and that all conditions to such Early Settlement or Fundamental Change Early Settlement, as the case may be,
have been satisfied, then the Collateral Agent shall release from the Pledge (a) the Pledged Applicable Ownership Interests in
Debentures or the Pledged Applicable Ownership Interests in the Treasury Portfolio in the case of a Holder of Corporate Units or
(b) Pledged Treasury Securities in the case of a Holder of Treasury Units, in each case that had been components of such Equity
Unit, and shall transfer such Pledged Applicable Ownership Interests in Debentures or the Pledged Applicable Ownership Interests
in the Treasury Portfolio or Pledged Treasury Securities, as the case may be, free and clear of the Pledge created hereby, to the
Purchase Contract Agent for the benefit of such Holder.


 




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SECTION
4.6   Application of Proceeds Settlement


 


(a)        In
the event a Holder of Corporate Units, unless the Applicable Ownership Interests in the Treasury Portfolio have replaced the Applicable
Ownership Interests in Debentures as a component of the Corporate Units, has not elected to make Cash Settlement by notifying the
Purchase Contract Agent in the manner provided for in Section 5.4(a)(i) of the Purchase Contract Agreement or has not
made an Early Settlement or a Fundamental Change Early Settlement of the Purchase Contracts underlying its Corporate Units, such
Holder shall be deemed to have consented to the disposition of the Debentures underlying the Pledged Applicable Ownership Interests
in Debentures pursuant to the Remarketing as described in Section 5.4(a) of the Purchase Contract Agreement in order to pay
for the shares of Common Stock to be issued under such Purchase Contract. The Collateral Agent shall by 10:00 a.m., New York
City time, on the sixth Business Day immediately preceding the Purchase Contract Settlement Date, without any instruction from
such Holder of Corporate Units, present the related Debentures underlying the Pledged Applicable Ownership Interests in Debentures
to the Remarketing Agents for remarketing. Upon receiving such Debentures, the Remarketing Agents, pursuant to the terms of the
Remarketing Agreement, will use their commercially reasonable efforts to remarket such Debentures underlying the Pledged Applicable
Ownership Interests in Debentures on such date at a price equal to or greater than 100% of the aggregate Value of such Pledged
Applicable Ownership Interests in Debentures plus the Remarketing Fee. The Remarketing Agents may deduct the Remarketing Fee from
any portion of the proceeds from the Remarketing of the Debentures that is in excess of the sum of 100% of the aggregate Value
of such Pledged Applicable Ownership Interests in Debentures and the aggregate Separate Debentures Purchase Price. Upon a Successful
Remarketing and after deducting the Remarketing Fee from such Proceeds, the Remarketing Agents will remit the remaining portion
of the Proceeds of a Successful Remarketing related to such Applicable Ownership Interest in Debentures to the Collateral Agent.
On the Purchase Contract Settlement Date, the Collateral Agent shall apply that portion of the Proceeds from such Remarketing equal
to the aggregate Value of the Pledged Applicable Ownership Interests in Debentures to satisfy in full the obligations of such Holders
of Corporate Units to pay the Purchase Price for the Common Stock under the related Purchase Contracts. The remaining portion of
such Proceeds, if any, shall be distributed by the Collateral Agent to the Purchase Contract Agent for payment to the Holders.
If the Remarketing Agents advise the Collateral Agent in writing that they cannot remarket the related Pledged Applicable Ownership
Interests in Debentures of such Holders of Corporate Units at a price not less than 100% of the aggregate Value of such Pledged
Applicable Ownership Interests in Debentures, or if the Remarketing does not occur because a condition precedent to such Remarketing
has not been fulfilled, thus resulting in a Failed Remarketing, the Collateral Agent will proceed as described in Section
4.4 hereof.


 


(b)        In
the event a Holder of Treasury Units or, if the Treasury Portfolio has replaced the Applicable Ownership Interests in Debentures
as a component of Corporate Units, Corporate Units, has not made an Early Settlement or a Fundamental Change Early Settlement of
the Purchase Contracts underlying its Treasury Units or Corporate Units, as the case may be, such Holder shall be deemed to have
elected to pay for the shares of Common Stock to be issued under such Purchase Contracts from the Proceeds of the related Pledged
Treasury Securities or the related Pledged Applicable Ownership Interests in the Treasury Portfolio, as the case may be. On the
Business Day immediately prior to the Purchase Contract Settlement Date, the Collateral Agent shall, at the written direction of
the Purchase Contract Agent, invest the cash Proceeds of the maturing Pledged Treasury Securities or the Pledged Applicable Ownership
Interests in the Treasury Portfolio, as the case may be, in Permitted Investments. Without receiving any instruction from any such
Holder of Treasury Units or Corporate Units, the Collateral Agent shall apply the Proceeds of the related Pledged Treasury Securities
or Pledged Applicable Ownership Interests in the Treasury Portfolio to the settlement of the related Purchase Contracts on the
Purchase Contract Settlement Date. In the event the sum of the Proceeds from the related Pledged Treasury Securities or related
Pledged Applicable Ownership Interests in the Treasury Portfolio and the investment earnings from the investment in Permitted Investments,
if any, is in excess of the aggregate Purchase Price of the Purchase Contracts being settled thereby on the Purchase Contract Settlement
Date, the Collateral Agent shall distribute such excess, when received, to the Purchase Contract Agent for the benefit of the Holders.


 




    	 	17	 



     

    

 


The Company shall not
be obligated to issue any shares of Common Stock in respect of the Purchase Contracts or deliver any certificate therefor to the
Holder unless it shall have received payment in full of the Purchase Price for the shares of Common Stock to be purchased thereunder.


 


(c)        Pursuant
to the Remarketing Agreement, on or prior to 5:00 p.m., New York City time, on the second Business Day immediately preceding the
first Remarketing Date of the applicable Three-Day Remarketing Period, but no earlier than 5:00 p.m., New York City time, on the
fifth Business Day immediately preceding such first Remarketing Date of the applicable Three-Day Remarketing Period, holders of
Separate Debentures may elect to have their Separate Debentures remarketed by delivering the Separate Debentures, together with
a notice of such election, substantially in the form of Exhibit C hereto, to the Custodial Agent. The Custodial
Agent will hold the Separate Debentures in an account separate from the Collateral Account. A holder of Separate Debentures
electing to have its Separate Debentures remarketed will also have the right to withdraw such election by written notice to the
Custodial Agent, substantially in the form of Exhibit D hereto, on or prior to 5:00 p.m., New York City time,
on the second Business Day immediately preceding the first Remarketing Date of the relevant Three-Day Remarketing Period, upon
which notice the Custodial Agent shall return such Separate Debentures to such holder. After such time, such election to remarket
shall become an irrevocable election to have such Separate Debentures remarketed in such Remarketing. Promptly after 11:00 a.m.,
New York City time, on the Business Day immediately preceding the first Remarketing Date of the relevant Three-Day Remarketing
Period, the Custodial Agent shall notify the Remarketing Agents of the aggregate principal amount of the Separate Debentures to
be remarketed and shall deliver to the Remarketing Agents for Remarketing all Separate Debentures delivered to the Custodial Agent,
and not withdrawn, pursuant to this Section 4.6(c) prior to such date. The portion of the proceeds from such
remarketing equal to the aggregate Value of the Separate Debentures will automatically be remitted by the Remarketing Agents to
the Custodial Agent for the benefit of the holders of the Separate Debentures.


 


(d)        In
addition, after deducting the Remarketing Fee from the Value of the remarketed Separate Debentures, from any amount of such proceeds
in excess of the aggregate Value of the remarketed Separate Debentures, the Remarketing Agents will remit to the Custodial Agent
the remaining portion of the proceeds, if any, for the benefit of such holders. If, despite using their commercially reasonable
efforts, a remarketing attempt is unsuccessful on the first Remarketing Date of a Three-Day Remarketing Period, subsequent remarketings
will be attempted on each of the two following Remarketing Dates in that Three-Day Remarketing Period until a Successful Remarketing
occurs. If the Remarketing Agents advise the Custodial Agent in writing that none of the three remarketings occurring during a
Three-Day Remarketing Period resulted in a Successful Remarketing or, if a condition to the Remarketing shall not have been fulfilled,
thus in either case resulting in a Failed Remarketing, the Remarketing Agents will promptly return the Separate Debentures to the
Custodial Agent for redelivery to such holders.


 




    	 	18	 



     

    

 


ARTICLE V.



VOTING RIGHTS — DEBENTURES


 


The Purchase Contract
Agent may exercise, or refrain from exercising, any and all voting and other consensual rights pertaining to the Debentures underlying
the Pledged Applicable Ownership Interests in Debentures or any part thereof for any purpose not inconsistent with the terms of
this Agreement and in accordance with the terms of the Purchase Contract Agreement; provided, that the Purchase Contract
Agent shall not exercise or, as the case may be, shall not refrain from exercising such right if, in the judgment of the Company
evidenced in writing and delivered to the Purchase Contract Agent, such action would impair or otherwise have a material adverse
effect on the value of all or any of the Pledged Applicable Ownership Interests in Debentures; and provided, further,
that the Purchase Contract Agent shall give the Company and the Collateral Agent at least five days’ prior written notice
of the manner in which it intends to exercise, or its reasons for refraining from exercising, any such right. Upon receipt of any
notices and other communications in respect of any Pledged Applicable Ownership Interests in Debentures, including notice of any
meeting at which holders of Debentures are entitled to vote or solicitation of consents, waivers or proxies of holders of Debentures,
the Collateral Agent shall use reasonable efforts to send promptly to the Purchase Contract Agent such notice or communication,
and as soon as reasonably practicable after receipt of a written request therefor from the Purchase Contract Agent, execute and
deliver to the Purchase Contract Agent such proxies and other instruments in respect of such Pledged Applicable Ownership Interests
in Debentures (in form and substance satisfactory to the Collateral Agent) as are prepared by the Purchase Contract Agent with
respect to the Pledged Applicable Ownership Interests in Debentures.


 


ARTICLE VI.



RIGHTS AND REMEDIES; SPECIAL EVENT REDEMPTION;

MANDATORY REDEMPTION; REMARKETING


 


SECTION
6.1   Rights and Remedies of the Collateral Agent


 


(a)        In
addition to the rights and remedies specified in Section 4.4 hereof or otherwise available at law or in equity,
after a default hereunder, the Collateral Agent shall have all of the rights and remedies with respect to the Collateral of a secured
party under the Uniform Commercial Code (or any successor thereto) as in effect in the State of New York from time to time (the
“UCC”) (whether or not the UCC is in effect in the jurisdiction where the rights and remedies are asserted)
and the TRADES Regulations and such additional rights and remedies to which a secured party is entitled under the laws in effect
in any jurisdiction where any rights and remedies hereunder may be asserted. Wherever reference is made in this Agreement to any
Section of the UCC, such reference shall be deemed to include a reference to any provision of the UCC which is a successor to,
or amendment of, such Section. Without limiting the generality of the foregoing, such remedies may include, to the extent permitted
by applicable law, (i) retention of the Pledged Applicable Ownership Interests in Debentures or other Collateral in full satisfaction
of the Holders’ obligations under the Purchase Contracts or (ii) sale of the Pledged Applicable Ownership Interests
in Debentures or other Collateral in one or more public or private sales and application of the Proceeds in full satisfaction of
the Holders’ obligations under the Purchase Contracts.


 




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(b)        Without
limiting any rights or powers otherwise granted by this Agreement to the Collateral Agent, in the event the Collateral Agent is
unable to make payments to the Company on account of the Pledged Applicable Ownership Interests in the Treasury Portfolio (as specified
in clauses (i) or (ii) of the definition of the term “Applicable Ownership Interest in the Treasury Portfolio”) or
on account of principal payments of any Pledged Treasury Securities as provided in Article III hereof in satisfaction
of the obligations of the Holder of the Equity Units of which such Pledged Treasury Securities, or the Pledged Applicable Ownership
Interests in the Treasury Portfolio (as specified in clause (i) of the definition of the term “Applicable Ownership Interest
in the Treasury Portfolio”), as applicable, is a part under the related Purchase Contracts, the inability to make such payments
shall constitute a default under the related Purchase Contracts and the Collateral Agent shall have and may exercise, with reference
to such Pledged Treasury Securities, or such Pledged Applicable Ownership Interests in the Treasury Portfolio (as specified in
clauses (i) or (ii) of the definition of the term “Applicable Ownership Interest in the Treasury Portfolio”), as applicable,
and such obligations of such Holder, any and all of the rights and remedies available to a secured party under the UCC and the
TRADES Regulations after default by a debtor, and as otherwise granted herein or under any other law.


 


(c)        Without
limiting any rights or powers otherwise granted by this Agreement to the Collateral Agent, the Collateral Agent is hereby irrevocably
authorized to receive and collect all payments of (i) principal of, or interest on, the Debentures underlying the Pledged
Applicable Ownership Interests in Debentures, (ii) the principal amount of the Pledged Treasury Securities, or (iii) the
Pledged Applicable Ownership Interests in the Treasury Portfolio, subject, in each case, to the provisions of Article III
hereof, and as otherwise provided herein.


 


(d)        The
Purchase Contract Agent individually and as attorney-in-fact for each Holder of Equity Units agrees that, from time to time, upon
the written request of the Collateral Agent, the Purchase Contract Agent or such Holder, it shall execute and deliver such further
documents and do such other acts and things as the Collateral Agent may reasonably request in order to maintain the Pledge, and
the perfection and priority thereof, and to confirm the rights of the Collateral Agent hereunder. The Purchase Contract Agent shall
have no liability to any Holder for executing any documents or taking any such acts requested by the Collateral Agent hereunder,
except for liability for its own negligent act, its own negligent failure to act or its own willful misconduct.


 




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SECTION
6.2   Special Event Redemption; Mandatory Redemption; Remarketing


 


(a)        Upon
the occurrence of a Special Event Redemption or a Mandatory Redemption prior to the Purchase Contract Settlement Date, the Collateral
Agent will, upon the written instruction of the Company and the Purchase Contract Agent, deliver the Debentures underlying the
Pledged Applicable Ownership Interests in Debentures to the Indenture Trustee for payment of the Redemption Price. The Collateral
Agent shall, or in the event the Debentures underlying the Pledged Applicable Ownership Interests in Debentures are registered
in the name of the Purchase Contract Agent, the Purchase Contract Agent shall, direct the Indenture Trustee to pay the Redemption
Price therefor payable on the Special Event Redemption Date or the Mandatory Redemption Date, as the case may be, on or prior to
12:30 p.m., New York City time, by check or wire transfer in immediately available funds at such place and to such account as may
be designated by the Collateral Agent. In the event the Collateral Agent receives such Redemption Price, subject to the provisions
of Section 4.3, the Collateral Agent will, at the written direction of the Company, apply an amount equal to
the Redemption Amount of such Redemption Price to purchase from the Quotation Agent the Treasury Portfolio and promptly remit the
remaining portion of such Redemption Price to the Purchase Contract Agent for payment to the Holders of Corporate Units. The Collateral
Agent shall Transfer the Treasury Portfolio to the Collateral Account to secure the obligation of all Holders of Corporate Units
to purchase Common Stock of the Company under the Purchase Contracts constituting a part of such Corporate Units, in substitution
for the Debentures underlying the Pledged Applicable Ownership Interests in Debentures. Thereafter the Collateral Agent shall have
such security interests, rights and obligations with respect to the Treasury Portfolio as it had in respect of the Debentures underlying
the Pledged Applicable Ownership Interests in Debentures, as provided in Article II, Article III, Article
IV, Article V and Article VI hereof, and any reference herein to the Debentures underlying
the Pledged Applicable Ownership Interests in Debentures shall be deemed to be a reference to the Treasury Portfolio.


 


(b)        Upon
a Successful Remarketing during the Period for Early Remarketing, the proceeds of such Remarketing with respect to the Pledged
Applicable Ownership Interests in Debentures (after deducting the Remarketing Fee, if any) shall be delivered to the Collateral
Agent in exchange for the Debentures underlying the Pledged Applicable Ownership Interests in Debentures. Pursuant to the terms
of this Agreement, the Collateral Agent will apply an amount equal to the Treasury Portfolio Purchase Price to purchase on behalf
of the Holders of Corporate Units the Treasury Portfolio and promptly remit the remaining portion, if any, of such proceeds to
the Purchase Contract Agent for payment to the Holders of such Corporate Units. The Treasury Portfolio will be substituted for
the Debentures underlying the Pledged Applicable Ownership Interests in Debentures, and will be held by the Collateral Agent in
accordance with the terms of this Agreement to secure the obligation of each Holder of a Corporate Unit to purchase the Common
Stock on the Purchase Contract Settlement Date under the Purchase Contract constituting a part of such Corporate Unit. Following
a Successful Remarketing during the Period for Early Remarketing, the Holders of Corporate Units and the Collateral Agent shall
have such security interests, rights and obligations with respect to the Treasury Portfolio as the Holders of Corporate Units and
the Collateral Agent had in respect of the Debentures underlying the Pledged Applicable Ownership Interests in Debentures subject
to the Pledge thereof as provided in Article II, Article III, Article IV, Article V and
Article VI hereof, and any reference herein to the Debentures underlying the Pledged Applicable Ownership Interests
in Debentures shall be deemed to be reference to the Treasury Portfolio.


 




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SECTION
6.3   Remarketing During the Period for Early Remarketing


 


The Collateral Agent
shall, by 10:00 a.m., New York City time, on the Business Day immediately preceding the first Remarketing Date of the applicable
Three-Day Remarketing Period selected by NEE Capital pursuant to the Officer’s Certificate, without any instruction from
any Holder of Corporate Units, present the Debentures underlying the Pledged Applicable Ownership Interests in Debentures to the
Remarketing Agents for remarketing. Upon receiving such Debentures, the Remarketing Agents, pursuant to the terms of the Remarketing
Agreement, will use their commercially reasonable efforts to remarket such Debentures, during the Three-Day Remarketing Period,
at a price not less than 100% of the Treasury Portfolio Purchase Price plus the Remarketing Fee. If a Remarketing on the first
Remarketing Date during the applicable Three-Day Remarketing Period is not successful, the Remarketing Agents shall, in accordance
with the Remarketing Agreement, remarket the Debentures on each of the next two succeeding Remarketing Dates during such Three-Day
Remarketing Period until a Successful Remarketing occurs. The Remarketing Agents may deduct the Remarketing Fee from any amount
of Proceeds from such Remarketing in excess of sum of the Remarketing Treasury Portfolio Purchase Price plus the Separate Debentures
Purchase Price. After deducting the Remarketing Fee, if any, the Remarketing Agents will remit the entire amount of the Proceeds
of such remarketing to the Collateral Agent on or prior to 12:00 p.m., New York City time, on the Reset Effective Date. In the
event the Collateral Agent receives such Proceeds with respect to the Pledged Applicable Ownership Interests in Debentures, the
Collateral Agent will, at the written direction of the Company, apply an amount equal to the Treasury Portfolio Purchase Price
to purchase from the Quotation Agent the Treasury Portfolio and remit the remaining portion of such Proceeds, if any, to the Purchase
Contract Agent for payment to the Holders of Corporate Units. The Collateral Agent shall Transfer the Treasury Portfolio to the
Collateral Account to secure the obligation of all Holders of Corporate Units to purchase Common Stock of the Company under the
Purchase Contracts constituting a part of such Corporate Units, in substitution for the Debentures underlying the Pledged Applicable
Ownership Interests in Debentures. Thereafter the Collateral Agent shall have such security interests, rights and obligations with
respect to the Treasury Portfolio as it had in respect of the Debentures underlying the Pledged Applicable Ownership Interests
in Debentures as provided in Article II, Article III, Article IV, Article V
and Article VI hereof, and any reference herein to the Debentures underlying the Pledged Applicable Ownership Interests
in Debentures shall be deemed to be a reference to such Treasury Portfolio, and any reference herein to interest on the Debentures
underlying the Pledged Applicable Ownership Interests in Debentures shall be deemed to be a reference to distributions on such
Treasury Portfolio.


 


SECTION
6.4   Substitutions


 


Whenever a Holder has
the right to substitute Treasury Securities, Debentures or the Applicable Ownership Interest in the Treasury Portfolio, as the
case may be, for Collateral held by the Collateral Agent, such substitution shall not constitute a novation of the security interest
created hereby.


 


ARTICLE VII.



REPRESENTATIONS AND WARRANTIES; COVENANTS


 


SECTION
7.1   Representations and Warranties


 


The Holders from time
to time, acting through the Purchase Contract Agent as their attorney-in-fact (it being understood that the Purchase Contract Agent
shall not be liable for any representation or warranty made by or on behalf of a Holder), hereby represent and warrant to the Collateral
Agent, which representations and warranties shall be deemed repeated on each day a Holder Transfers Collateral that:


 




    	 	22	 



     

    

 


(a)        such
Holder has the power to grant a security interest in and lien on the Collateral;


 


(b)        such
Holder is the sole beneficial owner of the Collateral and, in the case of Collateral delivered in physical form, is the sole holder
of such Collateral and is the sole beneficial owner of, or has the right to Transfer, the Collateral it Transfers to the Collateral
Agent, free and clear of any security interest, lien, encumbrance, call, liability to pay money or other restriction other than
the security interest and lien granted under Article II hereof;


 


(c)        upon
the Transfer of the Collateral to the Collateral Account or physical delivery of the Debentures to the Collateral Agent, the Collateral
Agent, for the benefit of the Company, will have a valid and perfected first priority security interest therein (assuming that
any central clearing operation or any Securities Intermediary or other entity not within the control of the Holder involved in
the Transfer of the Collateral, including the Collateral Agent, gives the notices and takes the action required of it hereunder
and under applicable law for perfection of that interest and assuming the establishment and exercise of control pursuant to Section 2.2
hereof); and


 


(d)        the
execution and performance by the Holder of its obligations under this Agreement will not result in the creation of any security
interest, lien or other encumbrance on the Collateral other than the security interest and lien granted under Article II
hereof or violate any provision of any existing law or regulation applicable to it or of any mortgage, charge, pledge, indenture,
contract or undertaking to which it is a party or which is binding on it or any of its assets.


 


SECTION
7.2   Covenants


 


The Holders from time
to time, acting through the Purchase Contract Agent as their attorney-in-fact (it being understood that the Purchase Contract Agent
shall not be liable for any covenant made by or on behalf of a Holder), hereby covenant to the Collateral Agent that for so long
as the Collateral remains subject to the Pledge:


 


(a)        neither
the Purchase Contract Agent nor such Holders will create or purport to create or allow to subsist any mortgage, charge, lien, pledge
or any other security interest whatsoever over the Collateral or any part of it other than pursuant to this Agreement; and


 


(b)        neither
the Purchase Contract Agent nor such Holders will sell or otherwise dispose (or attempt to dispose) of the Collateral or any part
of it except for the beneficial interest therein, subject to the Pledge hereunder, transferred in connection with the Transfer
of the Equity Units.


 




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ARTICLE VIII.



THE COLLATERAL AGENT


 


It is hereby agreed
as follows:


 


SECTION
8.1   Appointment, Powers and Immunities


 


The Collateral Agent
shall act as agent for the Company hereunder with such powers as are specifically vested in the Collateral Agent by the terms of
this Agreement, together with such other powers as are reasonably incidental thereto. Each of the Collateral Agent, the Custodial
Agent and the Securities Intermediary: (a) shall have no duties or responsibilities except those expressly set forth or incorporated
by reference in this Agreement and no implied covenants or obligations shall be inferred from this Agreement against any of them,
nor shall any of them be bound by the provisions of any agreement by any party hereto beyond the specific or incorporated terms
hereof; (b) shall not be responsible for any recitals contained in this Agreement, or in any certificate or other document referred
to or provided for in, or received by it under, this Agreement, the Equity Units or the Purchase Contract Agreement (except as
specifically incorporated by reference herein), or for the value, validity, effectiveness, genuineness, enforceability or sufficiency
of this Agreement (other than as against the Collateral Agent, the Custodial Agent or the Securities Intermediary), the Equity
Units or the Purchase Contract Agreement or any other document referred to or provided for herein (except as specifically incorporated
by reference herein) or therein or for any failure by the Company or any other Person (except the Collateral Agent, the Custodial
Agent or the Securities Intermediary, as the case may be) to perform any of its obligations hereunder or thereunder or for the
perfection, priority or, except as expressly required hereby, maintenance of any security interest created hereunder; (c) shall
not be required to initiate or conduct any litigation or collection proceedings hereunder (except in the case of the Collateral
Agent, pursuant to directions furnished under Section 8.2 hereof, subject to Section 8.6
hereof); (d) shall not be responsible for any action taken or omitted to be taken by it hereunder or under any other document or
instrument referred to or provided for herein or in connection herewith or therewith, except for its own negligence or willful
misconduct; and (e) shall not be required to advise any party as to selling or retaining, or taking or refraining from taking any
action with respect to, the Equity Units or other property deposited hereunder in accordance with the terms hereof. Subject to
the foregoing, during the term of this Agreement, the Collateral Agent shall take all reasonable action in connection with the
safekeeping and preservation of the Collateral hereunder.


 


No provision of this
Agreement shall require the Collateral Agent, the Custodial Agent or the Securities Intermediary to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its duties hereunder. In no event shall the Collateral
Agent, the Custodial Agent or the Securities Intermediary be liable for any amount in excess of the Value of the Collateral. Notwithstanding
the foregoing, the Collateral Agent, the Custodial Agent and Securities Intermediary, each in its individual capacity, hereby waive
any right of setoff, banker’s lien, liens or perfection rights as Securities Intermediary or any counterclaim with respect
to any of the Collateral.


 




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SECTION
8.2   Instructions of the Company


 


The Company shall have
the right, by one or more instruments in writing executed and delivered to the Collateral Agent, the Custodial Agent or the Securities
Intermediary, as the case may be, to direct the time, method and place of conducting any proceeding for the realization of any
right or remedy available to the Collateral Agent, or of exercising any power conferred on the Collateral Agent, the Custodial
Agent or the Securities Intermediary, as the case may be, or to direct the taking or refraining from taking of any action authorized
by this Agreement; provided, however, that (i) such direction shall not conflict with the provisions
of any law or of this Agreement and (ii) the Collateral Agent, the Custodial Agent and the Securities Intermediary shall be
adequately indemnified as provided herein. Nothing in this Section 8.2 shall impair the right of the Collateral
Agent in its discretion to take any action or omit to take any action which it deems proper and which is not inconsistent with
such direction. The Company shall promptly confirm in writing any oral instructions furnished to the Collateral Agent by the Company.


 


SECTION
8.3   Reliance


 


Each of the Securities
Intermediary, the Custodial Agent and the Collateral Agent shall be entitled conclusively to rely upon any certification, order,
judgment, opinion, notice or other communication (including, without limitation, any thereof by telephone, telecopy or facsimile)
believed by it to be genuine and correct and to have been signed or sent by or on behalf of the proper Person or Persons (without
being required to determine the correctness of any fact stated therein), and upon advice and statements of legal counsel and other
experts selected by the Collateral Agent, the Custodial Agent or the Securities Intermediary, as the case may be. As to any matters
not expressly provided for by this Agreement, the Collateral Agent, the Custodial Agent and the Securities Intermediary shall in
all cases be fully protected in acting, or in refraining from acting, hereunder in accordance with instructions given by the Company
in accordance with this Agreement.


 


SECTION
8.4   Rights in Other Capacities


 


The Collateral Agent,
the Custodial Agent and the Securities Intermediary and their affiliates may (without having to account therefor to the Company)
accept deposits from, lend money to, make their investments in and generally engage in any kind of banking, trust or other business
with the Purchase Contract Agent and any Holder of Equity Units (and any of their respective subsidiaries or affiliates) as if
it were not acting as the Collateral Agent, the Custodial Agent or the Securities Intermediary, as the case may be, and the Collateral
Agent, the Custodial Agent and the Securities Intermediary and their affiliates may accept fees and other consideration from the
Purchase Contract Agent and any Holder of Equity Units without having to account for the same to the Company; provided,
that each of the Securities Intermediary, the Custodial Agent and the Collateral Agent covenants and agrees with the Company that
it shall not accept, receive or permit there to be created in favor of itself and shall take no affirmative action to permit there
to be created in favor of any other Person, any security interest, lien or other encumbrance of any kind in or upon the Collateral.


 




    	 	25	 



     

    

 


SECTION
8.5   Non-Reliance


 


None of the Securities
Intermediary, the Custodial Agent or the Collateral Agent shall be required to keep itself informed as to the performance or observance
by the Purchase Contract Agent or any Holder of Equity Units of this Agreement, the Purchase Contract Agreement, the Equity Units
or any other document referred to or provided for herein or therein or to inspect the properties or books of the Purchase Contract
Agent or any Holder of Equity Units. The Collateral Agent, the Custodial Agent and the Securities Intermediary shall not have any
duty or responsibility to provide the Company with any credit or other information concerning the affairs, financial condition
or business of the Purchase Contract Agent or any Holder of Equity Units (or any of their respective affiliates) that may come
into the possession of the Collateral Agent, the Custodial Agent or the Securities Intermediary or any of their respective affiliates.


 


SECTION
8.6   Compensation and Indemnity


 


The Company agrees:


 


(a)        to
pay each of the Collateral Agent, the Custodial Agent and the Securities Intermediary from time to time such compensation as shall
be agreed in writing (from time to time) between the Company and the Collateral Agent, the Custodial Agent or the Securities Intermediary,
as the case may be, for all services rendered by each of them hereunder; and


 


(b)        to
indemnify the Collateral Agent, the Custodial Agent and the Securities Intermediary and each of their respective directors, officers,
agents and employees for, and to hold each of them harmless from and against, any loss, all claims (whether asserted by the Company,
a Holder or any other Person) and liabilities and reasonable out-of-pocket expense incurred without negligence, willful misconduct
or bad faith on its part, arising out of or in connection with the acceptance or administration of its powers and duties under
this Agreement, including the reasonable out-of-pocket costs and expenses (including reasonable fees and expenses of counsel) of
defending itself against any claim or liability in connection with the exercise or performance of such powers and duties.


 


The Collateral Agent,
the Custodial Agent and the Securities Intermediary shall each promptly notify the Company of any third party claim which may give
rise to indemnity hereunder and give the Company the opportunity to participate in the defense of such claim with counsel reasonably
satisfactory to the indemnified party, and no such claim shall be settled without the written consent of the Company, which consent
shall not be unreasonably withheld.


 


Without prejudice to
its rights hereunder, when any of the Collateral Agent, Custodial Agent or Securities Intermediary incurs expenses after a Termination
Event occurs, or renders services after a Termination Event occurs, such expenses and compensation are intended to constitute expenses
of administration under the Bankruptcy Code or any applicable state bankruptcy, insolvency or other similar law.


 




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SECTION
8.7   Failure to Act


 


In the event of any
ambiguity in the provisions of this Agreement or any dispute between or conflicting claims by or among the parties hereto or any
other Person with respect to any funds or property deposited hereunder, the Collateral Agent and the Custodial Agent shall be entitled,
after prompt notice to the Company and the Purchase Contract Agent, at its sole option, to refuse to comply with any and all claims,
demands or instructions with respect to such property or funds so long as such dispute or conflict shall continue, and neither
the Collateral Agent nor the Custodial Agent shall be or become liable in any way to any of the parties hereto for its failure
or refusal to comply with such conflicting claims, demands or instructions. The Collateral Agent and the Custodial Agent shall
be entitled to refuse to act until either (i) such conflicting or adverse claims or demands shall have been finally determined
by a court of competent jurisdiction or settled by agreement between the conflicting parties as evidenced in a writing, satisfactory
to the Collateral Agent or the Custodial Agent, as the case may be, or (ii) the Collateral Agent or the Custodial Agent, as
the case may be, shall have received security or an indemnity satisfactory to the Collateral Agent or the Custodial Agent, as the
case may be, sufficient to save the Collateral Agent or the Custodial Agent, as the case may be, harmless from and against any
and all loss, liability or reasonable out-of-pocket expense which the Collateral Agent or the Custodial Agent, as the case may
be, may without negligence, willful misconduct, or bad faith on its part incur by reason of its acting. The Collateral Agent or
the Custodial Agent may in addition elect to commence an interpleader action or seek other judicial relief or orders as the Collateral
Agent or the Custodial Agent, as the case may be, may deem necessary. Notwithstanding anything contained herein to the contrary,
neither the Collateral Agent nor the Custodial Agent shall be required to take any action that is in its opinion contrary to law
or to the terms of this Agreement, or which would in its opinion subject it or any of its officers, employees or directors to liability.


 


SECTION
8.8   Resignation of Collateral Agent or Custodial Agent


 


Subject to the appointment
and acceptance of a successor Collateral Agent or Custodial Agent as provided below, (a) the Collateral Agent and the Custodial
Agent may resign at any time by giving notice thereof to the Company and the Purchase Contract Agent as attorney-in-fact for the
Holders of Equity Units, (b) the Collateral Agent and the Custodial Agent may be removed at any time by the Company and (c) if
the Collateral Agent or the Custodial Agent fails to perform any of its material obligations hereunder in any material respect
for a period of not less than 20 days after receiving written notice of such failure by the Purchase Contract Agent and such failure
shall be continuing, the Collateral Agent or the Custodial Agent may be removed by the Purchase Contract Agent. The Purchase Contract
Agent shall promptly notify the Company of any removal of the Collateral Agent pursuant to clause (c) of the immediately
preceding sentence. Upon any such resignation or removal, the Company shall have the right to appoint a successor Collateral Agent
or Custodial Agent, as the case may be. If no successor Collateral Agent or Custodial Agent, as the case may be, shall have been
so appointed and shall have accepted such appointment within 30 days after the retiring Collateral Agent’s or Custodial Agent’s
giving of notice of resignation or such removal, then the retiring Collateral Agent or Custodial Agent at the expense of the Company
(other than in connection with a removal for cause pursuant to either clause (b) or (c) of the first sentence of this Section 8.8),
as the case may be, may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent or Custodial
Agent, as the case may be. Each of the Collateral Agent and the Custodial Agent shall be a bank which has an office in New York,
New York with a combined capital and surplus of at least $50,000,000. Upon the acceptance of any appointment as Collateral Agent
or Custodial Agent, as the case may be, hereunder by a successor Collateral Agent or Custodial Agent, as the case may be, such
successor shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral
Agent or Custodial Agent, as the case may be, and the retiring Collateral Agent or Custodial Agent, as the case may be, shall take
all appropriate action to transfer any money and property held by it hereunder (including the Collateral) to such successor. The
retiring Collateral Agent or Custodial Agent shall, upon such succession, be discharged from its duties and obligations as Collateral
Agent or Custodial Agent hereunder. After any retiring Collateral Agent’s or Custodial Agent’s resignation hereunder
as Collateral Agent or Custodial Agent, the provisions of this Article VIII shall continue in effect for its
benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Collateral Agent or Custodial Agent.
Any resignation or removal of the Collateral Agent hereunder shall be deemed for all purposes of this Agreement as the simultaneous
resignation or removal of the Custodial Agent and the Securities Intermediary.


 




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SECTION
8.9   Right to Appoint Agent or Advisor


 


The Collateral Agent
shall have the right to appoint agents or advisors in connection with any of its duties hereunder, and the Collateral Agent shall
not be liable for any action taken or omitted by, or in reliance upon the advice of, such agents or advisors selected in good faith.
The appointment of agents or advisors pursuant to this Section 8.9 shall be subject to prior consent of the
Company, which consent shall not be unreasonably withheld.


 


SECTION
8.10   Survival


 


The provisions of this
Article VIII and Section 10.7 hereof shall survive termination of this Agreement and the resignation
or removal of the Collateral Agent, the Custodial Agent or the Securities Intermediary.


 


SECTION
8.11   Exculpation


 


Anything in this Agreement
to the contrary notwithstanding, in no event shall any of the Collateral Agent, the Custodial Agent or the Securities Intermediary
or their officers, employees or agents be liable under this Agreement to any third party for indirect, special, punitive, or consequential
loss or damage of any kind whatsoever, including lost profits, whether or not the likelihood of such loss or damage was known to
the Collateral Agent, the Custodial Agent or the Securities Intermediary, or any of them, incurred without any act or deed that
is found to be attributable to gross negligence or willful misconduct on the part of the Collateral Agent, the Custodial Agent
or the Securities Intermediary.


 


ARTICLE IX.



AMENDMENT


 


SECTION
9.1   Amendment Without Consent of Holders


 


Without the consent
of any Holders, the Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Purchase Contract Agent,
at any time and from time to time, may amend this Agreement, in form satisfactory to the Company, the Collateral Agent, the Custodial
Agent, the Securities Intermediary and the Purchase Contract Agent, for any of the following purposes:


 




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(a)        to
evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company;


 


(b)        to
add to the covenants of the Company for the benefit of the Holders or to surrender any right or power herein conferred upon the
Company so long as such covenants or such surrender do not adversely affect the validity, perfection or priority of the security
interests granted or created hereunder;


 


(c)        to
evidence and provide for the acceptance of appointment hereunder by a successor Collateral Agent, Custodial Agent, Securities Intermediary
or Purchase Contract Agent; or


 


(d)        to
cure any ambiguity, to correct or supplement any provisions herein which may be inconsistent with any other provisions herein,
or to make any other provisions with respect to such matters or questions arising under this Agreement, provided such action shall
not adversely affect the interests of the Holders in any material respect, provided, further, that
any amendment made solely to conform the provisions of this Agreement to the description of the Equity Units, the Purchase Contracts
and the other components of the Equity Units contained in the prospectus supplement, dated ________________, relating to the Equity
Units will not be deemed to adversely affect the interests of the Holders.


 


SECTION
9.2   Amendment With Consent of Holders


 


With the consent of
the Holders of not less than a majority of the outstanding Purchase Contracts voting together as one class, by Act of said Holders
delivered to the Company, the Purchase Contract Agent or the Collateral Agent, as the case may be, the Company, the Purchase Contract
Agent, the Collateral Agent, the Custodial Agent and the Securities Intermediary may amend this Agreement for the purpose of modifying
in any manner the provisions of this Agreement or the rights of the Holders in respect of the Equity Units; provided,
however, that no such supplemental agreement shall, without the consent of the Holder of each Outstanding Equity
Unit adversely affected thereby,


 


(a)        change
the amount or the type of Collateral required to be Pledged to secure a Holder’s Obligations under the Purchase Contracts
(except for the rights of Holders of Corporate Units to substitute the Treasury Securities for the Pledged Applicable Ownership
Interests in Debentures or the Applicable Ownership Interest in the Treasury Portfolio or the rights of Holders of Treasury Units
to substitute Debentures or the Applicable Ownership Interest in the Treasury Portfolio for the Pledged Treasury Securities);


 


(b)        unless
such change is not adverse to the Holders, impair the right of the Holder of any Equity Unit to receive distributions on the related
Collateral or otherwise adversely affect the Holder’s rights in or to such Collateral;


 




    	 	29	 



     

    

 


(c)        otherwise
effect any action that would require the consent of the Holder of each Outstanding Equity Unit affected thereby pursuant to the
Purchase Contract Agreement if such action were effected by an agreement supplemental thereto; or


 


(d)        reduce
the percentage of the outstanding Purchase Contracts the consent of whose Holders is required for any such amendment;


 


provided, that if any such
supplemental amendment referred to above would adversely affect only the Corporate Units or the Treasury Units, then only Holders
of the affected class of Equity Units as of the record date for the Holders entitled to vote thereon will be entitled to vote on
or consent to such amendment or proposal, and such amendment or proposal shall not be effective except with the consent of Holders
of not less than a majority of such class.


 


It shall not be necessary
for any Act of Holders under this Section 9.2 to approve the particular form of any proposed amendment, but
it shall be sufficient if such Act shall approve the substance thereof.


 


SECTION
9.3   Execution of Amendments


 


In executing any amendment
permitted by this Article IX, the Collateral Agent, the Custodial Agent, the Securities Intermediary and the
Purchase Contract Agent shall be entitled to receive and (subject to Section 6.1 hereof, with respect to the
Collateral Agent, and Section 7.1 of the Purchase Contract Agreement, with respect to the Purchase Contract Agent) shall be
fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment is authorized or permitted
by this Agreement and that all conditions precedent, if any, to the execution and delivery of such amendment have been satisfied.


 


SECTION
9.4   Effect of Amendments


 


Upon the execution
of any amendment under this Article IX, this Agreement shall be modified in accordance therewith, and such amendment
shall form a part of this Agreement for all purposes; and every Holder of Equity Units theretofore or thereafter authenticated,
executed on behalf of the Holders and delivered under the Purchase Contract Agreement shall be bound thereby.


 


SECTION
9.5   Reference to Amendments


 


Certificates authenticated,
executed on behalf of the Holders and delivered after the execution of any amendment pursuant to this Article IX
may, and shall if required by the Collateral Agent or the Purchase Contract Agent, bear a notation in form approved by the Purchase
Contract Agent and the Collateral Agent as to any matter provided for in such amendment. If the Company shall so determine, Certificates
so modified as to conform, in the opinion of the Collateral Agent, the Purchase Contract Agent and the Company, to any such amendment
may be prepared and executed by the Company and authenticated, executed on behalf of the Holders and delivered by the Purchase
Contract Agent in accordance with the Purchase Contract Agreement in exchange for outstanding Certificates.


 




    	 	30	 



     

    

 


ARTICLE X.



MISCELLANEOUS


 


SECTION
10.1   No Waiver


 


No failure on the part
of the Collateral Agent or any of its agents to exercise, and no course of dealing with respect to, and no delay in exercising,
any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by the Collateral
Agent or any of its agents of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise
of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law.


 


SECTION
10.2   Governing Law; Waiver of Jury Trial


 


THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
THEREUNDER, EXCEPT TO THE EXTENT THAT THE LAWS OF ANY OTHER JURISDICTION SHALL BE MANDATORILY APPLICABLE. Without limiting the
foregoing, the above choice of law is expressly agreed to by the Company, the Securities Intermediary, the Custodial Agent, the
Collateral Agent and the Holders from time to time acting through the Purchase Contract Agent, as their attorney-in-fact, in connection
with the establishment and maintenance of the Collateral Account. The Company, the Collateral Agent and the Holders from time to
time of the Equity Units, acting through the Purchase Contract Agent as their attorney-in-fact, hereby submit to the nonexclusive
jurisdiction of the United States District Court for the Southern District of New York and of any New York state court sitting
in New York City for the purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated
hereby. The Company, the Collateral Agent and the Holders from time to time of the Equity Units, acting through the Purchase Contract
Agent as their attorney-in-fact, irrevocably waive, to the fullest extent permitted by applicable law, any objection which they
may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such
proceeding brought in such a court has been brought in an inconvenient forum.


 


EACH OF THE COMPANY,
THE COLLATERAL AGENT AND THE PURCHASE CONTRACT AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE EQUITY UNITS OR THE
TRANSACTIONS CONTEMPLATED HEREBY.


 


SECTION
10.3   Notices


 


All notices, requests,
consents and other communications provided for herein (including, without limitation, any modifications of, or waivers or consents
under, this Agreement) shall be given or made in writing (including, without limitation, by telecopy) delivered to the intended
recipient at the “Address for Notices” specified below its name on the signature pages hereof (or in the case of Holders,
may be made and deemed given as provided in Sections 1.5 and 1.6 of the Purchase Contract Agreement) or, as to any party, at such
other address as shall be designated by such party in a notice to the other parties. Except as otherwise provided in this Agreement,
all such communications shall be deemed to have been duly given or made when transmitted by telecopier or personally delivered
or, in the case of a mailed notice, upon receipt, in each case given or addressed as aforesaid (except as aforesaid).


 




    	 	31	 



     

    

 


SECTION
10.4   Successors and Assigns


 


This Agreement shall
be binding upon and inure to the benefit of the respective successors and assigns of the Company, the Collateral Agent, the Custodial
Agent, the Securities Intermediary and the Purchase Contract Agent, and the Holders from time to time of the Equity Units, by their
acceptance of the same, shall be deemed to have agreed to be bound by the provisions hereof and to have ratified the agreements
of, and the grant of the Pledge hereunder by, the Purchase Contract Agent.


 


SECTION
10.5   Counterparts


 


This Agreement may
be executed in any number of counterparts by the parties hereto on separate counterparts, each of which, when so executed and delivered,
shall be deemed an original, but all such counterparts shall together constitute one and the same instrument.


 


SECTION
10.6   Separability


 


If any provision hereof
is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (a) the other provisions hereof
shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to carry out the intentions
of the parties hereto as nearly as may be possible and (b) the invalidity or unenforceability of any provision hereof in any
jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction.


 


SECTION
10.7   Expenses, etc.


 


The Company agrees
to reimburse the Collateral Agent, the Custodial Agent and the Securities Intermediary for: (a) all reasonable out-of-pocket
costs and expenses of the Collateral Agent, the Custodial Agent and Securities Intermediary (including, without limitation, the
reasonable fees and expenses of the necessary services of a Securities Intermediary and of counsel to the Collateral Agent and
the Custodial Agent), in connection with (i) the negotiation, preparation, execution and delivery or performance of this Agreement
and (ii) any modification, supplement or waiver of any of the terms of this Agreement; (b) all reasonable costs and expenses
of the Collateral Agent (including, without limitation, reasonable fees and expenses of counsel) in connection with (i) any
enforcement or proceedings resulting or incurred in connection with causing any Holder of Equity Units to satisfy its obligations
under the Purchase Contracts forming a part of the Equity Units and (ii) the enforcement of this Section 10.7;
and (c) all transfer, stamp, documentary or other similar taxes, assessments or charges levied by any governmental or revenue
authority in respect of this Agreement or any other document referred to herein and all costs, expenses, taxes, assessments and
other charges incurred in connection with any filing, registration, recording or perfection of any security interest contemplated
hereby.


 




    	 	32	 



     

    

 


SECTION
10.8   Security Interest Absolute


 


All rights of the Collateral
Agent and security interests hereunder, and all obligations of the Holders from time to time hereunder, shall be absolute and unconditional
irrespective of:


 


(a)        any
lack of validity or enforceability of any provision of the Purchase Contracts or the Equity Units or any other agreement or instrument
relating thereto;


 


(b)        any
change in the time, manner or place of payment of, or any other term of, or any increase in the amount of, all or any of the obligations
of Holders of Equity Units under the related Purchase Contracts, or any other amendment or waiver of any term of, or any consent
to any departure from any requirement of, the Purchase Contract Agreement or any Purchase Contract or any other agreement or instrument
relating thereto; or


 


(c)        any
other circumstance which might otherwise constitute a defense available to, or discharge of, a borrower, a guarantor or a pledgor.


 


SECTION
10.9   USA Patriot Act


 


In order to comply
with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including,
without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA
PATRIOT Act of the United States (“Applicable Law”), the Collateral Agent, Custodial Agent and Securities Intermediary
are required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business
relationship with the Collateral Agent, Custodial Agent and Securities Intermediary. Accordingly, each of the parties hereto agree
to provide to the Collateral Agent, Custodial Agent and Securities Intermediary, upon their request from time to time, such identifying
information and documentation as may be available to such party in order to enable the Collateral Agent, Custodial Agent and Securities
Intermediary to comply with Applicable Law.


 


SECTION
10.10   Force Majeure


 


The Collateral Agent,
the Custodial Agent and the Securities Intermediary shall not incur any liability for not performing any act or fulfilling any
duty, obligation or responsibility hereunder by reason of any occurrence beyond the reasonable control of the Collateral Agent,
the Custodial Agent and the Securities Intermediary (including but not limited to any act or provision of any present or future
law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any
act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility).


 


SECTION
10.11   Provisions Incorporated by Reference to the Purchase Contract Agreement


 


The rights, benefits,
protections, immunities and indemnities that are applicable to the Purchase Contract Agent under Article VII of the Purchase Contract
Agreement are, to the extent there are no provisions herein that address such rights, benefits, protections, immunities and indemnities,
hereby incorporated for the benefit of the Purchase Contract Agent under this Pledge Agreement.


 




    	 	33	 



     

    

 


IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.


 


	NEXTERA ENERGY, INC.	 	__________
	 	 	as Collateral Agent, Custodial
	By: 	 	 	Agent and as Securities Intermediary
	 	Name:	 	 
	 	Title:	 	By:	                                
	 	 	 
	Address for Notices:	 	 	Name:
	 	 	 	Title:
	NextEra Energy, Inc.	 	 
	700 Universe Boulevard	 	 
	Juno Beach, Florida 33408	 	By:	 
	Attention:  Treasurer	 	 	Name:
	Telecopy:  __________	 	 	Title:
	                                                                                           	 	 
	THE BANK OF NEW YORK MELLON,	 	 
	as Purchase Contract Agent and as	 	 
	attorney-in-fact for the Holders of Equity Units from time to time	 	 
	 	 	 
	By:	                                 	 	 
	 	Name:	 	 
	 	Title:	 	 
	                                          	 	 
	Address for Notices:	 	Address for Notices:
	 	 	 
	__________	 	 
	__________	 	__________
	__________, __________ __________	 	__________
	Attention: __________	 	__________
	Telecopy:  __________	 	__________
	 	 	__________, __________ __________
	 	 	Fax : __________
	 	 	Attention:  __________
	with copies to: __________	 	with copies to:
	 	 	 
	__________	 	__________
	__________	 	__________
	__________, __________ __________	 	__________
	Attention: __________	 	__________
	Telecopy:  __________	 	__________, __________ __________
	 	 	Fax : __________
	 	 	Attention:  __________
	 	 	 


 





Signature Page – Pledge Agreement


 







 




     

     

    

 


EXHIBIT A


 


Instruction
From Purchase Contract Agent to Collateral Agent


(In Connection with the Creation of [Corporate
Units][Treasury Units])


 


__________


__________


__________


__________


__________, __________ __________


Attention: __________


 


		Re:	Securities of NextEra Energy, Inc. (the “Company”)



 


We hereby notify you
in accordance with Section [4.1] [4.2] of the Pledge Agreement, dated as of ________________ (the “Pledge Agreement”),
between the Company, yourselves, as Collateral Agent, Custodial Agent and Securities Intermediary and ourselves, as Purchase Contract
Agent and as attorney-in-fact for the Holders of Equity Units from time to time, that the Holder of securities listed below (the
“Holder”) has elected to substitute $____ [principal amount at maturity of Treasury Securities] [of the Applicable
Ownership Interests in Debentures] [of the Applicable Ownership Interests in the Treasury Portfolio] in exchange for an equal Value
of the [Debentures underlying the Pledged Applicable Ownership Interests in Debentures] [Pledged Applicable Ownership Interests
in the Treasury Portfolio] [Pledged Treasury Securities] held by you in accordance with the Pledge Agreement and has delivered
to us a notice stating that the Holder has Transferred the [Applicable Ownership Interests in Debentures] [Applicable Ownership
Interest in the Treasury Portfolio] [Treasury Securities] to you, as Collateral Agent. We hereby instruct you, upon receipt of
such [Treasury Securities] [Applicable Ownership Interests in Debentures] [Applicable Ownership Interest in the Treasury Portfolio]
so Transferred, to release the [Pledged Applicable Ownership Interests in Debentures] [Pledged Applicable Ownership Interests in
the Treasury Portfolio] [Pledged Treasury Securities] related to such [Equity Units] to us in accordance with the Holder’s
instructions. Capitalized terms used herein but not defined shall have the meaning set forth or incorporated by reference in the
Pledge Agreement.


 





	Date:	 	 	 
	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	 	 	 	 	Signature Guarantee:	 





 


Please print name and address of registered
Holder electing to substitute the [Treasury Securities] [Applicable Ownership Interests in Debentures] [Applicable Ownership Interests
in the Treasury Portfolio] for the [Pledged Applicable Ownership Interest in Debentures] [Pledged Applicable Ownership Interests
in the Treasury Portfolio] [Pledged Treasury Securities]:


 


	 	 	 
	Name	 	Social Security or other Taxpayer
	 	 	Identification Number, if any
	Address	 	 
	 	 	 
	 	 	 
	 	 	 


 




    	 	A-1	 



     

    

 


EXHIBIT B


Instruction
to Purchase Contract Agent


(In Connection with the Creation of [Corporate
Units][Treasury Units])


 


The Bank of New York Mellon


__________


__________

__________, __________ __________


 


Attention: Corporate Trust-Reorg


 


Re:   Securities of NextEra Energy, Inc.
(the “Company”)


 


The undersigned Holder
hereby notifies you that it has delivered to __________, as Collateral Agent, $____ [principal amount at maturity of Treasury Securities]
[of Applicable Ownership Interests in Debentures] [of Applicable Ownership Interests in the Treasury Portfolio] in exchange for
an equal Value of [Pledged Applicable Ownership Interests in Debentures] [Pledged Applicable Ownership Interests in the Treasury
Portfolio] [Pledged Treasury Securities] held by the Collateral Agent, in accordance with Section [4.1] [4.2] of the Pledge
Agreement, dated as of ________________ (the “Pledge Agreement”), between you, the Company and the Collateral
Agent. The undersigned Holder hereby instructs you to instruct the Collateral Agent to release to you on behalf of the undersigned
Holder the [Pledged Applicable Ownership Interests in Debentures] [Pledged Applicable Ownership Interests in the Treasury Portfolio]
[Pledged Treasury Securities] related to such [Corporate Units] [Treasury Units]. Capitalized terms used herein but not defined
shall have the meaning set forth or incorporated by reference in the Pledge Agreement.


 


	Dated:	 	 	 
	 	 	 	Signature	 
	 	 	 	 	 
	 	 	 	Signature Guarantee:	 


 


Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.


 


Please print name and address of registered Holder:


 


	 	 	 
	Name	 	Social Security or other Taxpayer
	 	 	Identification Number, if any
	Address	 	 
	 	 	 
	 	 	 
	 	 	 


 




    	 	B-1	 



     

    

 


EXHIBIT C


Instruction
to Custodial Agent Regarding Remarketing


 


__________


__________


__________


__________


__________, __________ __________


Attention: __________


 


Re:   Securities of NextEra Energy Capital
Holdings, Inc. (the “Company”)


 


The undersigned hereby
notifies you in accordance with Section 4.6(c) of the Pledge Agreement, dated as of ________________ (the “Pledge
Agreement”), between NextEra Energy, Inc., yourselves, as Collateral Agent, Custodial Agent and Securities Intermediary,
and The Bank of New York Mellon, as Purchase Contract Agent and as attorney-in-fact for the Holders of Corporate Units and Treasury
Units from time to time, that the undersigned elects to deliver $________ principal amount of Debentures for delivery to the Remarketing
Agents on or prior to 5:00 p.m., New York City time, on the second Business Day immediately preceding the first of the three
sequential Remarketing Dates of the applicable Three-Day Remarketing Period for Remarketing pursuant to Section 4.6(c) of
the Pledge Agreement. The undersigned will, upon request of the Remarketing Agents, execute and deliver any additional documents
deemed by the Remarketing Agents or by the Company to be necessary or desirable to complete the sale, assignment and transfer of
the Debentures tendered hereby.


 


The undersigned hereby
instructs you, upon receipt of the proceeds of such remarketing, if successful, from the Remarketing Agents to deliver such proceeds
to the undersigned in accordance with the instructions indicated herein under “A. Payment Instructions.” The
undersigned hereby instructs you, in the event of Failed Remarketing, upon receipt of the Debentures tendered herewith from the
Remarketing Agents, to deliver such Debentures to the person(s) and the address(es) indicated herein under “B. Delivery
Instructions.”


 


With this notice, the
undersigned hereby (i) represents and warrants that the undersigned has full power and authority to tender, sell, assign and
transfer the Debentures tendered hereby and that the undersigned is the record owner of any Debentures tendered herewith in physical
form or a participant in The Depository Trust Company (“DTC”) and the beneficial owner of any Debentures tendered
herewith by book-entry transfer to your account at DTC and (ii) agrees to be bound by the terms and conditions of Section 4.6(c)
of the Pledge Agreement. Capitalized terms used herein but not defined shall have the meaning set forth or incorporated by reference
in the Pledge Agreement.


 





	Date:	 	 	 
	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	 	 	 	 	Signature Guarantee:	 





 




    	 	C-1	 



     

    

 


Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.


 


Please print name and address:


 


	 	 	 
	Name	 	Social Security or other Taxpayer
	 	 	Identification Number, if any
	Address	 	 
	 	 	 
	 	 	 
	 	 	 


 




    	 	C-2	 



     

    

 


	A.      PAYMENT INSTRUCTIONS	 	B.      DELIVERY INSTRUCTIONS
	 	 	 
	Proceeds of the remarketing should be paid by check in the name of the person(s) set forth below and mailed to the address set forth below.	 	In the event of a Failed Remarketing, Debentures which are in physical form should be delivered to the person(s) set forth below and mailed to the address set forth below.
	Name(s)	 	Name(s)
	 	 	 
	 	 	 
	(Please Print)	 	(Please Print)
	 	 	 
	Address	 	Address
	 	 	 
	 	 	 
	(Please Print)	 	(Please Print)
	 	 	 
	(Zip Code)	 	(Zip Code)
	 	 	 
	 	 	 
	(Social Security or other	 	(Social Security or other
	Taxpayer Identification Number, if any)	 	Taxpayer Identification Number, if any)
	 	 	 
	 	 	In the event of a Failed Remarketing, Debentures which are in book-entry form should be credited to the account at The Depository Trust Company set forth below.


 


	 	 	 	 
	 	 	 	DTC Account Number
	 	 	Name of Account
	 	 	Party:	 


 




    	 	C-3	 



     

    

 


EXHIBIT D


 


Instruction
to Custodial Agent Regarding


Withdrawal
From Remarketing


 


__________


__________


__________


__________


__________, __________ __________


Attention: __________


 


Re:   Securities of NextEra Energy Capital
Holdings, Inc.


 


The undersigned hereby
notifies you in accordance with Section 4.6(c) of the Pledge Agreement, dated as of ________________ (the “Pledge
Agreement”), between NextEra Energy, Inc., yourselves, as Collateral Agent, Custodial Agent and Securities Intermediary
and The Bank of New York Mellon, as Purchase Contract Agent and as attorney-in-fact for the Holders of Corporate Units and Treasury
Units from time to time, that the undersigned elects to withdraw the $_____ principal amount of Debentures delivered to the Custodial
Agent on ____________ for remarketing pursuant to Section 4.6(c) of the Pledge Agreement. The undersigned hereby instructs
you to return such Debentures to the undersigned in accordance with the undersigned’s instructions. With this notice, the
undersigned hereby agrees to be bound by the terms and conditions of Section 4.6(c) of the Pledge Agreement. Capitalized terms
used herein but not defined shall have the meaning set forth or incorporated by reference in the Pledge Agreement.


 


	Date:	 	 	 
	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	 	 	 	 	Signature Guarantee:	 


 


Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.


 


Please print name and address:


 


	 	 	 
	Name	 	Social Security or other Taxpayer
	 	 	Identification Number, if any
	Address	 	 
	 	 	 
	 	 	 
	 	 	 


 




    	 	D-1